As silver doubles and gold surges past $4,500, your crypto assets are shrinking—this phenomenon might be signaling the arrival of the next cycle.

Looking at this year's account data, it's a bit disheartening. Silver +128.47%, gold +66.59%, Nasdaq +19.7%, these numbers look great. Turning to the crypto world? BTC -6%, ETH -12%, and altcoins are even more disastrous. After a whole year of turmoil in the crypto market, it feels like wading through mud; the leading coins are falling, so where is the hope?

But think carefully, the logic behind this is actually quite clear. The more aggressively traditional assets rise, the more it indicates one thing—fiat currency is depreciating. Why do gold and silver rise? Driven by both safe-haven demand and industrial attributes. And in this process, what is truly shrinking is your wealth measured in fiat. Fiat currency is only suitable for consumption; to truly protect assets, you need something in the future.

**What exactly is happening in the crypto market now?**

Honestly, the performance in 2025 has left many veteran crypto enthusiasts silent. The previous wave of frenzy stories is over, and new stories haven't arrived yet. The wealth-creating myth of MEME coins has faded, the hundredfold dreams of Layer1 have also diminished, and there are hardly any decent new narratives.

What is the fundamental reason? Incremental capital is stuck. Macro economy is changing, geopolitical situations are shifting, and monetary policies are turning. These big backgrounds have pulled all safe-haven funds into gold and silver, while the crypto market is instead falling into a process of de-bubbling. Regulatory pressure hasn't eased, and institutional capital has become more cautious about entering.

The market's weakness isn't without reason—simply put, new catalysts haven't appeared, and old narratives have already vanished. Attention has shifted, funds are moving elsewhere—that's the current situation.