Recently, a phenomenon worth noting has emerged—gold has surged over 70% this year, and silver has skyrocketed by more than 170%. During the same period, many traditional institutions have quietly reduced their holdings of US stocks. Behind this seemingly contradictory phenomenon lies a rather glaring signal.

The market is casting a "question mark" on dollar assets. This is not baseless. The massive accumulation of US debt, the chain reactions caused by trade policy adjustments, and the uncertainty in monetary policy—all these factors together are shaking the long-standing perceived as an ironclad fortress—the US dollar credit system.

When the value promise of fiat currency begins to be questioned, people's instinctive reaction is often to rush toward the oldest and most tangible store of value. The recent rally in gold and silver, to some extent, is a vivid reflection of this instinct. The reason why this surge in precious metals is called "epic" is because it reflects a re-evaluation of confidence in the entire asset system.

So the question arises—if the traditional safe-haven assets are collectively staging a comeback, does the positioning and opportunity in the crypto market also change accordingly? This is not only about the simple trend of the market in 2025 but also involves the larger issue of resource flow within the "non-dollar assets" category. In this reshuffling of global asset allocation, how various safe-haven assets will wax and wane remains something we need to reconsider.