Liquidity environment: The market's expectation of a Federal Reserve rate cut is generally more favorable to traditional risk assets and precious metals considered as "hard assets." Internal pressures within the cryptocurrency space: After Bitcoin experienced a historic leveraged liquidation event in October 2025, market sentiment was damaged. Meanwhile, after the price entered a high level, profit-taking by long-term holders ("whales") and a slowdown in new ETF fund inflows created ongoing selling pressure, suppressing a price rebound. Overall, the rise of gold and silver alongside the decline of Bitcoin reflects a core market logic: the driving factors for gold/silver are "hedging + strategic value," while Bitcoin's drivers lean more towards "risk appetite + liquidity."