no change here. Bitcoin has devastated this asset:
https://www.goldbroker.com/en/news/paper-silver-market-250-times-size-physical-silver-market-526
What would you think happens when the 'tie' breaks, real is real, paper is worthless.
Think of a scenario, let's say a position of metric ton of pure silver. Will have some value
Think of it this way.
Speculators leveraged up free fiat from the Fed and bid up the silver market into the May 2011 peak. Now that the market has reversed, leverage is being margin called out of the silver market. Prices are collapsing as a result.