The biggest meme of 2025: Real-world assets are booming, while crypto is stuck in place. Over the past year, the global market has shown a rare 'dislocated trend': Physical assets are making a strong comeback: Gold and silver hit new highs, and traditional safe-haven assets are regaining favor with investors. Equity markets are warming up: The Shanghai Composite Index is up about 20% this year, with funds flowing back into the stock market. But tech and crypto are generally under pressure: Even publicly traded companies holding large Bitcoin reserves couldn’t outperform traditional assets. What’s even more surreal: Within the crypto market, unless you bet on rare outliers like BNB or ZEC this year, the performance of most mainstream coins has been far from ideal. Traditional assets are rising, while crypto is deflating its bubble. This feels more like a 'global asset repricing' process rather than an issue with a single sector. 2025 isn’t about a bull vs. bear market for crypto—it’s a year of reshuffling capital priorities.