Recently, there has been an interesting phenomenon in the market worth paying attention to. A market observer who has been tracking capital flows for a long time recently shared their views on the trend of precious metals, believing that the recent gains in silver, palladium, and platinum are mainly driven by short-term sentiment, lacking fundamental support, and may face reversal pressure in the future, potentially even affecting gold's trend.

What is the logic behind this judgment? Over the past period, global risk aversion sentiment has increased, attracting a large influx of funds into traditional safe-haven assets. However, from the perspective of market capital flows, the situation may be changing. Once precious metals enter a downtrend, those seeking safe-haven assets will need to find new destinations. Currently, the crypto market—with its high volatility and high growth potential—happens to have the conditions to attract incremental capital.

From a more macro perspective, market funds always chase the asset classes with the highest expected returns. When traditional safe-haven assets lose upward momentum, investors' attention naturally shifts to more growth-oriented sectors. This is not only a matter of capital flow but also reflects the dynamic adjustment of market participants' expectations for different asset classes.

The ultimate direction of precious metals still needs time to verify, but from the perspective of capital allocation, the crypto market indeed has the potential to benefit from this possible reallocation of funds.