Precious metals prices have recently surged quite aggressively, but this is not really a long-term trend. Garrett Jin, co-founder of XHash, pointed out that the current rally is essentially a short squeeze, and its sustainability is questionable. Once precious metals begin to pull back, it could easily drag down the entire precious metals ecosystem, and gold won't be immune either. At that point, a large amount of capital will inevitably seek new outlets—Bitcoin and Ethereum will become the recipients.

But there is a practical issue: capital flows always revolve around trends and yields. Since October 11, the story in the market has changed. Institutions are afraid of being caught off guard, and retail investors are even more scarred. Currently, the manipulators controlling and harvesting in the crypto market are becoming more aggressive. Once psychological defenses are broken, it’s hard to see any decent rebound in the short term. For large-scale capital to truly enter the market, a phase bottom needs to appear, and for big funds to move, there must be enough strong market narratives to support them.

Overall, the real opportunity window may not appear until the second half of 2026. For now? It’s best to stay observant.