Silver surged 170% in one year, and gold broke through the $4,500 mark, sparking heated discussions in the market these days. In comparison, Bitcoin hovers around $87,000, down 8% year-to-date — after hitting a high of $126,000 in October, it has turned downward, indicating that many are beginning to feel anxious.

Is the capital really shifting from Bitcoin to precious metals? The surface logic seems to make sense. Technical analysis also shows Bitcoin caught in a short-term downtrend, while gold and silver have become new gathering places for funds. But upon deeper reflection, things are not that simple.

How did this wave of precious metal行情 come about? Breaking it down makes it clear. First, there is the real demand from the industrial sector. Silver is not only a precious metal; it is indispensable in the photovoltaic industry and electronic components. Supply chain tensions and record-high industrial demand are not hype but solid industry support.

Second, there is a larger macro backdrop — the de-dollarization trend is accelerating. Global central banks have been continuously increasing their gold holdings to cope with US debt expansion and geopolitical uncertainties. It is predicted that by 2026, gold could rise another 8%-15%, and silver might even increase by 20%-35%.

Adding to this is the market’s growing anticipation of the Fed’s rate cuts in 2026. These factors stack up to form a complete logic for the rise of precious metals. Bitcoin’s silence is actually a buildup, and a real行情 is brewing.