Silver rose to 63 USD per ounce today and set a new record for the metal. At the same time, the cryptocurrency market fell by 2.74% in the last 24 hours. All of the 20 largest coins, except stablecoins, showed red numbers.
This significant difference shows that capital is moving in new ways. Many see this as a classic risk-off signal, but some analysts argue that the opposite may be true.
Why are silver prices rising?
Silver continued its upward trend today and reached a new record during the early Asian trading hours. Companies Market Cap data shows that silver is now in sixth place among the world's largest assets, with a market value of 3.5 trillion USD.
According to The Kobeissi Letter, the metal is now on track to have its strongest 12-month period since 1979.
“The current silver rally makes 2020 and 2008 look like minor deviations. A new era in monetary policy is coming,” it states in a post.
Now the pace is increasing even more and people are starting to buy safe assets again. But why is demand for silver increasing? According to trader Michael, the rise is about “desperation” and not just demand.
He pointed out that physical silver ETFs bought more than 15,3 million ounces in four days. This was the second-largest weekly inflow in 2025.
Michael also said that this is almost as much as the 15,7 million ounces added during the entire month of November.
“Silver ETFs are now heading for their tenth consecutive monthly inflow. This has only happened during major crises,” he said.
The world’s largest silver ETF, SLV, received nearly 1 billion USD in inflows in one week. This was more than what large gold funds received. Michael believes that the silver price is rising rapidly for reasons other than retail investors or fear of inflation.
“The global monetary system is losing trust – quietly and quickly. Silver is the only asset affected by two crises: 1. The compulsion to own hard assets as national debt reaches new heights. 2. A major shortage as AI, solar panels, electric cars, and semiconductors require more silver.”
The trader emphasized that when economic uncertainty meets physical shortage, not only does the silver price rise – it becomes “decoupled,” signaling a bigger change than a normal market upturn.
Silver and Bitcoin: The difference in performance increases in 2025
At the same time, the cryptocurrency market is weak and stands in stark contrast to silver. BeInCrypto Markets shows that the largest cryptocurrency fell by more than 2% in one day. This extended a longer downward trend.
Analyst Maartun noted that silver in 2025 stands out and even surpasses gold. Bitcoin lags behind both precious metals and major stock indices, such as S&P 500 and Nasdaq.
“Over the past four years, Bitcoin has lost against silver. The value has more than halved, measured in silver,” noted economist Peter Schiff in a post.
This shows that risk appetite is declining. When concern increases, investors often choose safe assets. Silver and gold have long played this role.
But some analysts argue that the rise in silver is not about security, but about investors wanting to take risks. Cryptocurrency advocate Ran Neuner holds this view and says that the market now favors riskier assets. His perspective challenges old thoughts on why precious metals surge.
“The market is now FULLY set on risk-on and most do not see it because Bitcoin is stagnant! Silver is at an all-time high and rising rapidly. Silver is Beta-gold and shows risk-on!” he said.
Neuner also pointed out that the ETH/BTC ratio went above its 50-week moving average. This shows that interest in cryptocurrencies is growing again. He also mentioned the Russell 2000's breakthrough and the Federal Reserve's recent turnaround as further signs of a broader risk-seeking market.
“Soon the sellers of BTC will run out and the big rise will begin. All numbers point in the same direction!” said Neuner.
Other analysts also believe that Bitcoin could see greater demand again. Whether this happens depends on how market trends develop and whether buyers choose to return strongly in the near future.
