Since the beginning of the year, an interesting phenomenon has been evident—traditional assets and cryptocurrencies are performing in stark contrast.

Just look at the data. If you had held your positions unchanged since January 1st, silver has surged by 114%, and gold has increased by 64%. In comparison, the Nasdaq has only risen by 20%, and the S&P 500 by 15%. But these gains are insignificant in the face of the crypto world—BTC has fallen by 7% this year, and ETH has fared even worse, dropping by 12%.

Silver has been especially crazy, hitting two consecutive daily limit-ups this week. Platinum is not to be outdone, also hitting the daily limit-up. This performance clearly indicates where the market’s money is flowing.

Interestingly, there is another side to cryptocurrencies. Looking back over the year, from a hot start at the beginning of the year to now, ten months have passed, and the market has followed a classic rollercoaster pattern—rising sharply, oscillating, then retreating. In the end, BTC and ETH have almost returned to their starting points. Those who jumped in at the highs are now mostly losing money.

All the hustle and bustle is driven by profit motives. When precious metals and traditional indices are in favor, cryptocurrencies are standing still, reflecting the capital flow choices behind the scenes. The question is: if next year truly begins with a bear market, will anyone still stick to the crypto track? The market’s answer could be quite brutal.