Silver entered 2026 with explosive strength, then reversed just as quickly. The silver price climbed from around $72 in early January to a peak near $122 by January 29, before a sharp collapse erased much of those gains.
A single-day drop of about 30% on January 30 followed a margin hike from CME Group, which forced liquidations across leveraged positions. Recent price action now shows silver trading close to $69, down more than 40% from its peak and struggling to regain stability.
Market analyst Bull Theory has drawn attention to a sequence of events that raises questions about what really drove the decline. His analysis points to Jane Street as a key player during the rally and the crash that followed.
Data shows that Jane Street increased its position in the iShares Silver Trust (SLV) from just over 41,000 shares to more than 20.6 million shares in Q4 2025. That increase came while silver was still climbing toward its all time high, which suggests that a major institutional position was quietly built during the rally phase.
Bull Theory explains that the timing of the disclosure matters. The firm’s position became public through a 13F filing on February 25, well after the initial crash had already taken place. Silver dropped further after that date, which adds another layer to the sequence of events.
Options Exposure And Market Structure May Explain Extreme Silver Price Volatility
The analyst’s argument focuses on how large firms operate within derivatives markets. Jane Street is known for holding a significant portion of its portfolio in options, which profit from sharp price movements rather than direction alone.
🚨 SILVER CRASHED NEARLY -50% IN 53 DAYS.
— Bull Theory (@BullTheoryio) March 23, 2026
And we may have found who caused it.
Silver hit ATH $121.64 on January 29, 2026. Today it sits at $65, a 46% collapse, and 25% of that drop happened AFTER February 25, 2026.
Why does that date matter?
Meet Jane Street. They made… pic.twitter.com/km1h7L6en0
Bull Theory points out that a 13F filing only shows long equity positions and does not include options or short exposure. That means the visible $1.3B position in SLV may not represent the firm’s full market exposure. If a larger options position existed on the downside, the firm could benefit from rapid price declines even if the ETF position lost value.
This structure becomes important when looking at the January 30 crash. Silver dropped about 30% within 30 hours, which created the kind of volatility that options strategies are designed to capture. The margin increase from CME Group added pressure, and forced liquidations amplified the move.
Historical Cases Raise Questions About Similar Trading Patterns Across Markets
Bull Theory also connects this situation to past regulatory findings. Authorities in India previously fined Jane Street after identifying a pattern where large equity positions were paired with much larger derivatives exposure. Reports showed that losses on stocks were offset by significantly larger gains on options positions.
Another case involves a lawsuit tied to Terraform Labs, where allegations claim that the firm used early information to position ahead of major market events. These examples do not confirm similar activity in silver, yet they provide context for how complex trading strategies can operate.
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Current silver price behavior now sits at a critical point. A recovery scenario depends on whether the January crash was mainly driven by forced liquidations and margin changes, which could allow stabilization over time. A weaker scenario would emerge if large institutional positioning continues to pressure the market through derivatives exposure.
Bull Theory emphasizes that one key question remains unanswered. Full visibility into total positions, including options and derivatives, would provide clarity on whether the decline was purely market driven or influenced by deeper structural forces.
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