In recent weeks, traditional safe-haven assets have performed remarkably. Silver prices surged to a historic high, breaking through $84.5 per ounce, with a year-to-date increase of over 17%. Gold is also not to be outdone, approaching the $4600 mark, rising more than 6% in just over half a month since the start of the year. How strong is this risk-averse sentiment? The clues can be seen from the A-shares market— the Shanghai Composite Index neared 4200, with a single-day trading volume soaring to 3.6 trillion.

In contrast, the crypto market appears cold and quiet. Leading cryptocurrencies like BTC, ETH, and SOL should have ridden the wave, but they have failed to keep pace with this round of risk aversion. Many are now pondering whether to continue holding or to explore other avenues. If this situation persists, no one can predict how many people will choose to exit or shift to other markets.