Zoom out on 2025 performance 👇

Silver +165%

Gold +72%

Nasdaq +22%

BTC −6.6%

ETH −12.3%

That gap is striking. When hard assets and equities lead while crypto lags, it usually means one of two things:

Either a risk is being quietly priced in that we don’t see yet

Or positioning has been reset, setting the stage for a sharp catch-up move later

Markets don’t stay this disconnected for long.

Resolution comes through information or reallocation.