What highfigh said. Have you ever seen the LED level meters on an old cassette deck, the way they jump back and forth? Well, that’s a lot like the signal your speakers normally get from the amplifier. The voltage is constantly changing with the musical peaks and dynamics. Turn your receiver volume control all the way up and it’s like what you’d see if those cassette deck meters are pegged, with all the LED elements full-on. Your speakers are now getting a constant voltage. This is what heats up voice coils etc. and fries them.
Back in the days of rotary volume knobs, the rule of thumb was that you really shouldn’t turn the volume up much past half-way. Not sure how that translates to modern digital volume controls, maybe someone better versed in electronics than I am can comment.
Regards,
Wayne A. Pflughaupt