Recently, an interesting event occurred—silver quietly became the third-largest asset globally, only behind gold and NVIDIA, with Apple falling behind.

You might ask, why is silver so strong? Actually, there are four forces at play.

**First, the geopolitical landscape has changed.** With the new US administration taking office, the global strategic map is being reshuffled. Many funds have sensed risk signals and are rushing into traditional safe-haven assets.

**Second, the US dollar is depreciating.** The rate-cut cycle has already begun, and the Federal Reserve is under frequent pressure. The dollar’s purchasing power is now a prominent issue. In this environment, the anti-devaluation properties of gold and silver become especially valuable.

**Third, central banks are buying aggressively.** Over the past few years, central banks worldwide have been continuously increasing their gold holdings, creating a demonstration effect—institutions and retail investors see the central banks hoarding and follow suit.

**Fourth, the supply story is heating up.** As more people buy, even precious metals like silver are starting to talk about "tight supply" routines.

In essence, the core of this rally is large capital seeking landing points. When macro uncertainty is so high, precious metals become a temporary psychological comfort. The more intense the rise, the more it often indicates market unease.

This raises a question: if even silver can break into the top three assets, does that mean global funds are collectively entering risk-averse mode? In this scenario, can Bitcoin, as "digital gold," truly establish itself? Or will it eventually be pushed back into the risk asset category, dancing along with market fluctuations?

Based on current capital flows, the answer is still being gradually written by the market. The more uncertain the world becomes, the more those value carriers that have withstood historical tests tend to be revalued. This show of silver may just be the opening act.