CoinDesk Podcast Network "Big Short" Michael Burry Warns of "Death Spiral" | CoinDesk Daily
Feb 4, 2026
A heated critique of bitcoin and how its fall may be dragging tokenized gold and silver into forced liquidations. Discussion of market moves after a U.S. government reopening and sharp multi-year lows for major crypto assets. A note on an XRP-focused DeFi integration that adds lending and borrowing features.
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Crypto Crash Threatens Tokenized Metals
- Michael Burry warns falling Bitcoin is triggering a linked crisis in tokenized precious metals markets.
- He says liquidations in tokenized gold and silver show leverage is tying crypto and metals together.
Liquidations Expose Cross-Market Leverage
- Burry highlights over $1 billion in tokenized gold and silver liquidations to meet margin calls.
- He points out tokenized silver liquidations on Hyperliquid exceeded Bitcoin liquidations, revealing deep leverage.
Safe-Haven Claim Under Question
- Burry interprets these events as evidence Bitcoin failed as a digital safe haven.
- He warns further drops could bankrupt miners and collapse tokenized metal markets into a "black hole."