#Strategy加仓BTC $DUSK $ETH The recent silver market really shot itself in the foot. The price per ounce hit a record high of $93, becoming a nightmare for the photovoltaic industry—silver accounts for 29% of battery costs in a year, and component manufacturers are crying out for price hikes.

Major companies like Longi and Jinko have no choice but to start large-scale substitution of silver with copper. It sounds like a clever move, but in reality, they are being forced into a corner. PV companies have been losing money for two years; costs can't be contained, and further increases could push them out of the market. But this move has hidden risks—component lifespan may shrink, and warranty risks could explode.

What's even more heartbreaking is that silver used in photovoltaics accounts for 17% of global silver demand. If the wave of substitution truly unfolds, the fundamental physical demand for silver will collapse. Speculative hype pushes prices higher, which in turn destroys demand—a classic self-destructive pattern of a metal bull market. How long can this frenzy last?