#比特币与黄金战争 Over the past fifty years, this wave of collective frenzy in precious metals has only played out twice. Now, the third act is gradually unfolding.

Gold has stabilized at the high ground of 4,500, with a six-month increase of 150%. Silver's performance is even more outrageous—rushing from 33 all the way to 72, completely overshadowing crude oil, a traditional hard asset. The three major commodities—gold, silver, and copper—are unprecedentedly rising together. This is not a coincidence; it’s a signal that the commodity market is fully launching.

In the two historical precedents, the gold and silver rally was always accompanied by high inflation and negative real interest rates. Money was depreciating, and gold and silver became the last safe havens. But this time, the script is a bit magical—current inflation is actually quite mild, and interest rates are not low. So, the question is: what exactly is being speculated on?

The answer might be quite painful. The market is betting with real gold and silver—betting that the U.S. government might use inflation to digest that astronomical debt; betting on the logic of global long-term "de-dollarization." Once this expectation takes shape, it will continue to generate heat like a nuclear reactor.

What’s even more worth noting is the rhythm of silver. If the gold rally enters its middle and late stages, the rebound in silver is often the most intense, with volatility far exceeding that of gold. Currently, silver is riding this accelerator, and how it will move next requires close attention.

But here’s a cold shower: when even crypto trading groups start discussing gold and silver, the short-term overheating signals are already flashing. How did the last two historic-level rallies end? The script was basically the same: the gold frenzy ended, massive funds turned around and rushed into the stock market, kicking off a decade-long bull market.

Returning to the crypto market. If this historical pattern repeats, where will the liquidity flowing out of traditional assets ultimately go? High-risk assets will absorb this money. The correlation between crypto assets and US stocks is becoming increasingly tight. If the macro logic really reaches that point, core assets like Bitcoin and Ethereum might see a new boost.

There are three key points: first, during cycle transitions, only leading assets like Bitcoin and Ethereum can withstand volatility; second, hold your spot positions steady and don’t get shaken out by short-term noise; third, keep ammunition ready and wait for the next turning point in capital flows.

The yeast of the trend is fermenting. What’s your choice?