Silver's been on an absolute tear this year—up 150% and now outpacing gold significantly. What caught everyone's attention was last week's trading volume in SLV hitting $21 billion, the highest we've seen in 15 years. Especially wild considering it was Christmas week when most markets were quiet.

But here's where it gets interesting. While the momentum is undeniable, the year-to-date flows tell a slightly different story. SLV pulled in $3.4 billion in inflows, which is solid growth. Compare that to GLD sitting at $23 billion and IBIT at $25 billion—both significantly outpacing the silver flows. So despite the parabolic price action and record-breaking volume, the actual capital flowing into these positions remains fairly measured. It suggests the rally might be driven more by momentum trading than institutional accumulation, worth keeping tabs on.