There is a phenomenon worth following: the gold-silver ratio is approaching its lowest point in the past five years, with the current quote at 60.027.

On the surface, gold seems to be thriving — spot gold has broken through the $4400/ounce barrier for the first time, with an increase of nearly 68% this year. However, silver's performance is actually more aggressive: spot silver has first risen above $69/ounce, with a remarkable increase of 139% this year. When the stable and safe gold is clearly surpassed by the more flexible silver, what signal does this convey?

The market is shifting. Specifically, three points:

First, risk appetite is on the rise. Funds are no longer only focused on hedging but are beginning to actively seek higher-yielding growth assets. Second, expectations for the economy and inflation are improving, and the demand outlook for industrial metals is optimistic. Third, expectations for liquidity expansion are strengthening—historical data shows that during easing cycles, silver tends to outperform gold due to its high sensitivity to interest rates and greater volatility.

This logic also applies to crypto assets. When the market collectively chases "resilience" and "growth", a mere social value story is actually not enough. Projects need to present quantifiable growth metrics, verifiable revenue models, and visible network effect data—turning the results of community offline promotion into on-chain data and business models.

In simple terms, "real-world utility" is the moat that transcends cycles. When liquidity is abundant and easily creates bubbles, those projects that are grounded and create value tend to have a more stable base. Such projects often attract institutional funds that genuinely care about long-term impact.