A recent interesting divergence has emerged in the financial markets. On one side, the precious metals market has hit new highs, while on the other side, the digital asset market appears somewhat subdued. What does this contrast really indicate?

Let's first look at how exaggerated the numbers are. Gold has increased by 120% since the beginning of the year, reaching a historic high. Even more astonishing is silver, with an increase of nearly 150%. And this is achieved not in the context of an economic recession, central bank easing, or a financial crisis, but rather in a relatively stable environment. Research institutions' analysis reports point out that this surge is called a "liquidity turning point signal."

How about the specific figures? By the end of 2025, gold prices are around $4,318 per ounce. Central banks are even more direct — last year, they bought over 600 tons of gold, and this year, they are expected to buy 840 tons. What does this level of purchasing activity indicate about the demand for precious metals in various countries?

But there's a strange thing here. Gold and silver are soaring, yet the Bitcoin ecosystem hasn't kept pace with this wave. Some analysts believe that the re-pricing of gold has already been completed, but this trend doesn't seem to have fully influenced the cryptocurrency market. Instead, the Bitcoin ecosystem is facing dual pressures from technical bottlenecks and insufficient capital inflows.

The hotness of the precious metals market undoubtedly reflects strong global investor demand for safe-haven assets. Meanwhile, the scale of sovereign wealth funds has surpassed 15 trillion, further indicating that large capital is rebalancing assets. The real question is, where are these funds flowing? Into precious metals rather than digital assets — and that is the truly worth pondering.

Under the same sky, two markets are experiencing completely different trends. Is this divergence a short-term adjustment or a long-term trend? Stay tuned to market developments.