On Monday evening, precious metals hit a new high again. The logic behind this is actually very clear — last week's inflation and employment data from the U.S. were weak, and the market began to bet that the Fed will significantly cut interest rates next year, which directly pumped safe-haven assets. Analysts at Saxo Bank pointed out that the geopolitical situation is also adding fuel to the fire; recently, some confrontations on the South American coast have escalated, and this uncertainty has further strengthened the demand for safe-haven instruments.

To put it simply, this wave of market activity is driven by two engines operating simultaneously. One is macro expectations (the interest rate cut cycle may be coming), and the other is geopolitical premiums. For the crypto market, this rebound in precious metals is actually a signal — when risk assets are under pressure, risk-averse sentiment will drive the allocation demand for various alternative assets, including digital assets.