Silver rose today to 63 USD per ounce, setting a new all-time high (ATH) for this precious metal. In comparison, the cryptocurrency market fell by 2.74% over the last day, and all of the 20 largest coins, except stablecoins, were in the red.
This very divergent behavior shows a change in the direction of capital flow. Many people consider such movements to be a classic risk-off signal. However, some analysts argue that the situation is the opposite.
Why is silver reaching a new record?
Silver extended today's broader upward trend, reaching another record during morning trading in Asia. Companies Market Cap data shows that silver ranks sixth among global assets with a market capitalization of $3.5 trillion.
According to the latest commentary from The Kobeissi Letter, the metal is currently on track to achieve its strongest 12-month performance since 1979:
“The current silver price rally makes the years 2020 and 2008 look like a minor rounding error. A new era of monetary policy is coming.”
With the acceleration of gains, people are once again buying safe assets en masse. But why is the demand for silver increasing? According to a trader named Michael, the reason for the gains is not mere interest but 'desperation'.
He pointed out that physically backed silver ETFs absorbed over 15.3 million ounces in four days. This was the second largest weekly inflow in 2025.
Michael also noted that this number nearly matches the 15.7 million ounces added throughout November:
“Silver ETFs are now heading for the tenth consecutive monthly inflow, which has only happened during periods of systemic stress.”
The world's largest silver ETF, SLV, had nearly $1 billion in inflows last week. This is more than the major gold funds. In his view, the reasons for the rapid rise in silver go far beyond individual enthusiasm or inflation concerns. Then Michael pointed out:
“The global monetary system is quietly and quickly losing trust from within. Silver is the only asset that lies at the crossroads of two crises: 1. A sudden search for hard assets as national debt exceeds limits. 2. A continuous industrial shortage driven by the development of AI, the expansion of photovoltaics, the rise of electromobility, and demand for semiconductors.”
The trader emphasizes that when financial uncertainty combines with physical scarcity, the price of silver not only rises but actually 'decouples'. In his view, this indicates a deeper fracture, not a standard market rally.
Silver vs Bitcoin: The difference in performance is increasing in 2025
Meanwhile, the weak performance of the cryptocurrency market contrasts with the silver rally. Data from BeInCrypto Markets shows that the largest cryptocurrency has fallen over 2% in the last day, continuing a broader downtrend.
Analyst Maartun noted that in 2025 silver stands out as a leader in gains, even surpassing gold. Bitcoin, on the other hand, lags behind precious metals and major stock indices like the S&P 500 and Nasdaq:
“Over the last four years, Bitcoin has lost value relative to silver. It has lost more than half its value measured in silver.”
This shows an increase in risk-off sentiment. As uncertainty rises, investors often turn to classic safe assets. Silver and gold have served this role for centuries.
Nevertheless, some analysts see the rise in silver not as a flight to safety, but as a willingness to take risks. Cryptocurrency analyst Ran Neuner presents this contrarian view, pointing out that currently risk-on assets have the upper hand. His approach challenges the traditional view on rallies in precious metals:
“The market is now in full risk-on mode, and most people do not see it because Bitcoin is stagnant! Silver is hitting all-time highs. The breakout continues and is gaining momentum. Silver is beta-gold and a risk-on indicator!”
Neuner also noted the ETH/BTC ratio, which has surpassed the 50-week simple moving average. This indicates renewed interest in cryptocurrencies. He also mentioned the Russell 2000 breakout and the latest shift in Federal Reserve policy as additional evidence of the market's broad risk appetite:
“Soon, sellers of BTC will run out, and a great corrective rally will begin. All data points in one direction!”
Other analysts also expect that Bitcoin will see greater demand again. Whether this will happen depends on the maintenance of current trends and the return of cryptocurrency buyers in the near future.
To check the latest cryptocurrency market analysis from BeInCrypto, click here.