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Gold and silver surpassing BTC and ETH? In 2026, the start of the US dollar framework reshaping the pricing logic of crypto assets
【Crypto World】Just past the first week of 2026, one phenomenon stands out: gold and silver surprisingly outperformed Bitcoin and Ethereum. This actually reflects the market’s re-pricing of the “independent premium” of hard assets.
What seems like a simple surface phenomenon actually warrants deeper thought. From its inception, cryptocurrencies indeed have long-term value, but in reality? The involvement of USD-denominated derivative leverage has started to distort Bitcoin trading—making it increasingly resemble a high-volatility USD risk asset.
Looking at it from another angle: Bitcoin was once touted as a store of value that transcends the system. But once integrated into the standard USD risk framework, its sensitivity to USD liquidity is now comparable to that of publicly traded stocks. Institutional investors de-risk? BTC drops accordingly. USD liquidity tightens? It’s directly priced as a tradable macro risk factor.
This is awkward: the value carrier that should be independent is now more closely linked to the macro environment than gold. Why did gold and silver lead this week? Because they have a century of traditional pricing history, making them relatively more “pure.” For Bitcoin to regain independence, it may first need to shed the shackles of derivative leverage.