$BTC $ETH 🚨 Silver is becoming a key footnote for capital flows—its market capitalization has surged to 3.5 times that of Bitcoin. Is this a reconstruction of the valuation system or a signal of a shift in market sentiment?

📈 Data shows that over the past year, silver has quietly risen by 270%, while Bitcoin has recorded an 11% decline during the same period. Notably, silver's total market capitalization is now 3.5 times that of Bitcoin. Once seen as 'traditional,' silver is making a significant return to the spotlight.

🌍 Across Eastern and Western markets, silver price differentials are creating history.

The spot price of silver in Shanghai has surpassed $124, in stark contrast to the U.S. silver price, which remains around $108, with a premium of up to $16/ounce, setting a record high. This is not just a numerical difference; it is a direct reflection of the structural flow of global capital.

🛡️ Where does the allure of silver come from? A dual logic is being validated.

On one hand, against the backdrop of ongoing global fluctuations and a complex macro outlook, silver as a classic safe-haven asset attracts funds seeking certainty; on the other hand, with the rapid growth of green industries like photovoltaics and electric vehicles, silver, as a core raw material, is seeing strong industrial demand. This dual characteristic of being both 'defensive' and 'growth-oriented' constructs its unique allocation value.

₿ Challenges facing Bitcoin: Market choices are changing.

The strength of the silver market reflects the short-term difficulties faced by crypto assets represented by Bitcoin. In the current heightened macro volatility, funds seem more inclined to flow towards traditional assets with physical attributes and fundamental support. The once-coveted 'digital gold' narrative is undergoing scrutiny from market realities.

🔮 What lies ahead?

The current silver market may reflect a reevaluation of value fundamentals by the market during uncertain times. When 'industrial demand' and 'safe-haven attributes' resonate, is silver becoming a new pivot point that transcends cycles? This round of changes may trigger deeper reflections on our asset allocation logic. #加密市场观察