Silver recorded an extreme trading session on Jan. 26 as nearly $2 trillion in market value moved in hours, while Bitcoin stayed weak.
Silver posted one of the most violent trading days on record on Jan. 26. The metal saw nearly $2 trillion in market cap shifting hands within 14 hours.
According to data from The Kobeissi Letter, on Jan. 26 between 9:00 AM ET and 1:00 PM ET, silver gained roughly $500 billion in market value.
It then dropped about $950 billion over the next three hours, before recovering another $500 billion by 10:30 PM ET.
At multiple points during the session, silver’s moves matched the full market cap of Bitcoin BTC $87 695 24h volatility: 0.2% Market cap: $1.75 T Vol. 24h: $40.08 B within hours.
The Kobeissi Letter believes that the current silver price action will be studied for decades to come.
This is absolutely insane:
Silver just swung nearly $2 TRILLION of market cap in 14 hours.
Between 9:00 AM ET and 1:00 PM ET, silver added +$500 billion of market cap.
Then, between 1:00 PM ET and 4:30 PM ET, silver lost -$950 billion.
Then, between 4:30 PM ET and 10:30 PM… pic.twitter.com/ync4MVQ9pP
— The Kobeissi Letter (@KobeissiLetter) January 27, 2026
This major activity comes as spot silver prices recently surged to record levels, trading between $110 and $117 per ounce.
The rally came amid a weaker US dollar, global tensions, and broader market stress.
Bitcoin Lags, Metals Lead
During the same time, Bitcoin failed to regain momentum. The cryptocurrency is down about 3% over the past week and remains below the key $90,000 level.
BTC reached a market cap of $2.49 trillion during the early Oct. 2025 rally but later dropped. Bitcoin’s market cap is currently around $1.76 trillion.
ETF analyst Eric Balchunas noted that over a 20 year span, investors holding gold and silver would have earned about 10.6% per year.
As of last year, silver was returning only 4.5% per year, before closing that gap within 12 months.
This is the inverse situation to Bitcoin which went on tear two years ago, gold silver, stocks playing catch up, but flat lately. With these metals and cryptos, I think you have to understand you get five or 10 years’ worth of returns in one or two years you just have to wait for…
— Eric Balchunas (@EricBalchunas) January 26, 2026
He added that metals and crypto often deliver years of gains in short bursts, suggesting investors to be patient.
Oil, Rates, and Super Wednesday
Markets are now focused on Jan. 28, dubbed “Super Wednesday” by many in the trading community.
Investors are closely watching U.S. crude oil inventory data and the Federal Reserve’s rate decision, both of which could influence inflation expectations, liquidity, and overall risk appetite.
WTI crude futures last traded at $60.73 per barrel, down 0.72% on the day.
Volume stood at 136,057 contracts, while open interest fell by 21,771 contracts to 2,016,566. Bitcoin gained 5.08% over the same week, but crude oil rose just 0.01%.
A CryptoQuant contributor pointed to a slight negative link between the two assets, along with falling oil open interest.
This suggests reduced risk exposure ahead of Super Wednesday, meaning the crypto market could remain relatively flat until the events unfold.
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