On Monday, the two most actively traded U.S. stocks were both silver ETFs, with the top spot taken by the "2x short silver ETF."
The silver market is undergoing a historic surge, with violent price swings and extreme retail participation giving it market characteristics similar to “meme stocks.”
As silver futures posted the largest single-day gain in nearly 40 years on Monday, investors flooded into related exchange-traded funds (ETFs), pushing their trading volume above that of all individual stocks in the U.S. stock market.
According to Dow Jones market data, the two most actively traded securities nationwide on Monday were both silver ETFs. Leading the pack was ProShares UltraShort Silver ETF, with nearly 800 million shares changing hands, indicating that as silver prices soared, many investors were betting the rally would quickly cool off. In second place was iShares Silver Trust, with trading volume exceeding 377 million shares.
This extreme trading activity was accompanied by surging asset prices. Since January 1, 2025, silver futures have risen a cumulative 230%. This increase far exceeds gold, platinum, and palladium, and has triggered trading volumes in silver-related ETFs and options contracts to soar to historic highs. Meanwhile, social media attention has surged to the highest level since 2011.
Market strategists point out that although silver has industrial uses, recent violent price swings have deviated from fundamentals and are now driven more by momentum and public sentiment. Analysts compare it to the phenomenon of meme stocks like GameStop, calling this frenzied buying that ignores fundamentals a reflection of the current investment ecosystem, where once a trend forms, capital quickly pours in and follows suit.
ETF Trading Volume Sets New Records
As the silver rally sparked intense interest among retail investors, trading volumes of related ETFs exploded on Monday.
Preliminary statistics from Dow Jones show that the three major funds—including iShares Silver Trust, Sprott Physical Silver Trust, and ProShares UltraShort Silver—accounted for a combined turnover of over 1.2 billion shares.
Notably, market positioning is extremely fierce. Topping the list of most actively traded products nationwide is the short product ProShares UltraShort Silver ETF; nearly 800 million shares traded show massive contrarian bets in the market. The long product iShares Silver Trust ranks second with trading volume exceeding 377 million shares.
Meanwhile, option trading volume linked to iShares Silver Trust has also reached historic levels. Data shows that over 3.6 million call options traded hands on Monday, with trading speeds for both calls and puts reaching unprecedented records.
Momentum-Driven Like “Meme Stocks”
Faced with such rapid gains and trading fervor, market observers are increasingly linking silver trading to the meme stock craze. Baird market strategist Mike Antonelli posted on social media platform X, likening silver to the original meme stock, GameStop. Antonelli questioned:
“What’s the difference between silver and GameStop? Isn’t this the meme stock of the moment?”
He pointed out that although silver does have industrial uses, there hasn’t been any fundamental change over the past month to justify a 65% price increase. He believes that in today’s investment world, once something starts moving quickly, everyone crowds in at once with almost no barriers.
Steve Sosnick, Chief Strategist at Interactive Brokers, holds a similar view.
He stated that while silver lacks the early meme stock “us versus them (institutions)” antagonistic motivation, it is still a momentum-driven frenzy that seems to completely override prior understandings of fundamentals and has captured the public imagination.
Retail Focus Returns to 2011 Highs
Social media data further validates the frenzy among retail investors. Tom Bruni, Head of Markets & Retail Insights at investment-focused social media platform Stocktwits, said that social media activity related to silver has surged explosively.
According to Bruni, since the end of last month, weekly page views for silver on Stocktwits have soared to 30 to 40 times last summer’s levels. He noted:
“We haven’t seen this degree of retail interest in silver and precious metals for years. I guess this is the highest since the last bull market ended in 2011.”
In fact, this isn’t the first time silver has been swept up by social media fervor. Back at the height of the meme stock craze in early 2021, silver briefly became a focal point, and has long maintained a sizable following among individual investors.
However, since the beginning of 2025, after experiencing its strongest year since at least 1979, the continuous surge in silver futures prices has evidently pushed this frenzy to new heights.
Risk Warning and DisclaimerThe market carries risks, investment requires caution. This article does not constitute personal investment advice and does not take into account the individual investment objectives, financial circumstances, or needs of any particular user. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their specific situation. Investment based on this is at your own risk.
