Just now, after the opening of the US stock market, Da Bing and his followers plunged again. The recent market trend has indeed made fellow cryptocurrency enthusiasts feel uncomfortable. Why is silver soaring? And despite the fact that the global Federal Reserve has already started to cut interest rates and expand its balance sheet, Bitcoin has been continuously falling? In my opinion, there is no need to elaborate too much on grand narratives. Sometimes the market is simple: it's just a rotation of sectors, and funds are looking for more cost-effective options. Silver skyrocketed precisely because it should have risen. This is like the saying in the cryptocurrency circle that when the big pie rises enough, Ethereum will make up for it, but it's just a switch to the precious metal track. Gold, as the leader, has set new highs and lifted the ceiling of the entire sector, while silver has been lying flat, with the gold to silver ratio once outrageously high. This is simply an obvious value trap. If gold rises too much, funds will naturally be afraid of heights, and then silver with the same attributes and low position becomes the most natural destination. There's no sudden good news, just water flowing downwards. But what is more worth pondering is the weakness of the pancake. In theory, during the interest rate cut cycle, there should be ample liquidity, which should benefit risk assets. However, the big picture is not following suit. My understanding is that the background of this round of easing is different - it does not come from economic overheating, but from concerns about recession. At this time, the demand for "safe haven" funds far exceeds that for "risk-taking". So even if the market has money, this money is more willing to go towards hard currencies like gold and silver that have been tested for thousands of years, rather than volatile digital assets. Moreover, Da Bing himself is also in a delicate position. Since the low point three years ago, the cumulative increase has been 8 times, and the profit taking in it is too heavy. In the current era of macro uncertainty, profit taking firms choose to cash out a portion of their profits at high levels and then switch to newly launched silver. At present, you can make money by buying gold and silver with your eyes closed. Who would be willing to take on a market that is currently experiencing a downturn and has a heavy profit and loss? When will the pancake turn over? My observation is that the turning point may be hidden in the madness of silver. History always repeats itself. The accelerated rebound of silver is often a signal that the precious metal market is coming to an end. When silver is irrational and the gold silver ratio is low, even the food market mom starts talking about silver, the foam of precious metals will be almost there. Extreme things will turn around, and profitable funds will definitely withdraw from the crowded track and search for new opportunities. The big cake that fell through and was washed clean at that time will naturally re-enter the vision of funds. So my strategy is simple: don't rush, patiently watch Silver's performance. When the silver craze reaches its peak and the foam is splashed, the reversal of the big cake will probably not be far away. This is not just a fluctuation of the K-line, it is clearly human nature swinging back and forth between assets, greed and fear, which have never changed.