After the last time gold, silver, and various precious metals exhibited such a trend

BTC experienced a 500% increase

We don't need to guess how the market will move next

There are experts to debate it

Crypto expert @FarzadXBT wrote a 47-page research paper

Titled "Repricing of Hard Assets and Delayed Dynamics in Cryptocurrency"

The paper extensively uses mathematical modeling, time lag correlation calculations, logarithmic growth assumptions, and systematic modeling of macro variables such as the US dollar index, interest rate paths, central bank gold purchases, and intergenerational wealth transfer

Highly worth collecting and reviewing repeatedly

However, it can be quite obscure for ordinary people

If you don't want to read the original, just check out my summary

The core conclusion of the paper is summarized in one sentence:

It's not that crypto is failing now, but that the sequence hasn't played out yet.

The paper points out that capital flows follow a highly stable hierarchical structure:

Gold / Silver first → then Bitcoin → finally high-risk crypto assets.

The reason is simple:

Gold has the deepest liquidity, is directly bought by central banks, and can verify macro logic the fastest;

Bitcoin, as a "digital hard asset," always follows after verification.

Historically, BTC's lag behind gold is usually 6–12 months.

The more mature the infrastructure, the shorter this lag, but it won't disappear.

Against the backdrop of a weakening dollar, rate-cutting cycles, and central banks competing for gold,

Gold / Silver ATH itself is a signal.

We are still in the first stage.

The attached diagram is the author's condensed 4-page final draft.