I noticed that on Friday, metals experienced a real crash. Copper fell nearly 4% from Thursday's highs, dropping from over $14,500 per ton to around $13,000, while gold and silver lost 4% and 5.9%, respectively. It all started with the London Metal Exchange, with technical disruptions and a clear shift in positioning by Chinese traders.

What struck me is how quickly this movement transferred to the crypto markets. Precious metal tokens recorded liquidations of about $120 million in 24 hours, with silver derivatives leading the decline, losing $32 million. The prices of XAU and XAUT plummeted by over 7%. It’s interesting to note how crypto platforms now serve as a parallel channel for macro operations: when metals rise, traders use crypto contracts for leverage and 24/7 access; when they crash, they become the outlet valve for risk.

The strengthening of the dollar amplified all this, putting pressure on dollar-priced commodities. Despite Friday’s rebound, however, copper stocks and metals in general remain a strong theme for this year. Copper continues to benefit from supply constraints and demand tied to electrification, while gold still attracts flows as a hedge against uncertainty. What we see is that crypto markets are no longer a separate operation but a parallel space where global macroeconomic bets manifest in real time.