Recently, precious metals have been quite hot, with silver breaking through a key resistance level, which has rekindled the market’s appetite for safe-haven assets. BTC, as digital gold, has also seen some uplift, but the logic behind this is actually quite complex.

When do traditional safe-haven assets and cryptocurrencies move in the same direction, and when do they move inversely? Essentially, it depends on who can better hedge against fiat currency devaluation. When both are rising, it’s simply because everyone is trying to buy assets that won’t shrink due to money printing. But sometimes, capital also rotates between the two — today buying silver, tomorrow thinking BTC has better liquidity and can be traded 24/7, which appeals to younger investors, so funds flow back.

What’s the current macro environment? Central banks worldwide are easing liquidity. Although the Federal Reserve has paused rate cuts, overall monetary policy remains accommodative. This is a positive signal for gold, silver, and even BTC — these assets won’t be devalued by money printing, and may even appreciate as fiat supply increases. From a technical perspective, silver might continue to rise after breaking through, and if this trend persists, it could indeed attract some funds.

But there’s also a question mark here. What if the safe-haven sentiment is driven by recession expectations? In that case, BTC might be reclassified as a risk asset and sold off as a high-risk target. Ultimately, whether BTC is a safe-haven tool or a risk asset is still being confirmed by the market. It has traits of both, so the key is how the situation evolves — macro data trends, risk appetite adjustments, these are the real determinants.