Traditional precious metals surge: Gold breaks $4500 for the first time, silver surpasses $72, and BTC's "digital gold" attribute is questioned.

On December 24, 2025, the global precious metals market witnessed a historic moment. The spot gold price broke the $4500/ounce barrier for the first time, reaching a high of around $4530, while the silver price remained above $72/ounce, both setting new historical records. The main driving force behind this surge comes from the escalating geopolitical tensions, expectations of a more accommodative interest rate path from the Federal Reserve, and a surge in global safe-haven demand. Meanwhile, Bitcoin (BTC) has shown relative weakness, with the current price hovering around $88,000, failing to rise in tandem with traditional precious metals, and the short-term narrative of 'digital gold' is facing severe market tests.
The strong rise in traditional precious metals reflects investors' deep concerns about uncertainty. Frequent geopolitical conflicts, macroeconomic fluctuations, and the central bank's gold purchasing frenzy have driven gold and silver to become safe havens for funds. In contrast, while BTC benefits from institutional accumulation, its price volatility tends to align more with the characteristics of risk assets, failing to demonstrate independent upward capacity during periods of market panic.
Market sentiment: Extreme fear dominates, community discusses the "golden Bitcoin moment".
The current cryptocurrency market is filled with panic, with the Crypto Fear & Greed Index remaining at 24, which is in the "extreme fear" range. Community discussions are intense, with many comparing this round of the gold bull market to the "Bitcoin moment of 2017," believing that traditional precious metals are taking over as the dominant safe-haven asset. Some opinions point out that BTC has temporarily lost its safe-haven aura, but institutions like Matador are still continuously increasing their BTC holdings, indicating that some funds still have confidence in the long-term prospects of cryptocurrency.
Trading Guide and KOL Insights
In the short term, BTC is mainly characterized by band fluctuations. On-chain data shows that the concentration of spot chips has reached 13.3%, above the 13% warning line, indicating that the risk of significant volatility is approaching. It is recommended to pay attention to the key range of $75,000–$84,500, and positions should be adjusted promptly with strict stop-losses if there is a breakout or breakdown. Although there is an expectation of a short-term rebound, the trend reversal signals are not yet sufficient.
Crypto KOL Tia Fei Luo Analysis: The BTC decline segment C has shown divergence ending, and we are currently entering segment B adjustment. Focus on observing MACD volume; if the volume in segment B is stronger than in segment A, it may be a good opportunity to go long at a class two buy point or within segment B; if divergence appears, consider the high point of $94,500 as a first sell point, or class two sell short, with stop loss based on the red line position.
On-chain data analyst Murphy pointed out: the concentration of chips increases volatility risk, and the direction is unclear, making it suitable to bet on achieving volatility higher than implied volatility, with a priority on using range band strategies.
Trader RunnerXBT's view: BTC is locked in a high time frame range of 75k–84.5k, and is expected to continue oscillating. It is recommended to sell high and buy low within the range, and to follow up with timely stop-loss orders after a breakout.
Overall, this round of the precious metals bull market highlights the resilience of traditional safe-haven assets, while BTC needs to further prove its worth as "digital gold." Investors should remain cautious, paying attention to geopolitical and macro dynamics, while strictly controlling risks. In extreme panic, opportunities and traps coexist.