It’s actually wild when you zoom out.
$ETH priced against silver is sitting at its lowest level ever. That’s not a headline you see every day. When a high-beta tech asset underperforms a hard metal to that extent, it usually says more about sentiment than fundamentals.
Silver has been ripping. Crypto has been hesitating. Fear is louder than optimism right now. That combination skews ratios hard.
From experience, the periods that feel the worst are often the ones that offer the best long-term entries. Not because price magically goes up tomorrow, but because expectations are crushed. Nobody is euphoric. Nobody is calling for 10x. That’s usually when risk-reward quietly improves.
Accumulation never feels good in the moment. It feels uncertain. It feels uncomfortable. That’s the point.
I’m not saying back up the truck blindly. But when crypto is historically weak against hard assets, that’s data. Cycles rotate. Ratios mean revert. And capital eventually chases growth again.
The awful phases are where positioning gets built.
This feels like one of them.
