Recently, there is an interesting phenomenon worth following — the gold-silver ratio is about to fall below its lowest level in nearly five years, currently quoted at 60.027.

The numbers may seem dry, but behind them is a silent war between two precious metals. Gold has broken the $4,400/ounce mark for the first time today, up nearly 68% this year, which is already a good achievement. But what about silver? It has first surpassed $69/ounce, with a year-to-date increase of nearly 139%, directly leaving gold behind by several blocks.

Why is silver so strong? Historical experience tells us three points:

First, the market is taking on greater risks. Investors are no longer solely focused on hedging but are starting to pursue things that can bring higher returns. Second, expectations for the economy and prices are improving, and the demand outlook for industrial metals looks good. Third, liquidity is expanding—this is particularly important, as silver is more sensitive to interest rates and has greater elasticity, making it especially easy to take off when there is plenty of money.

This logic actually applies to crypto assets as well. When the market collectively chases "resilience" and "growth," having just a beautiful community story is not enough. You need to present real data—quantifiable growth metrics, visible business models, and tangible user value. Just talking about sentiment won't move the money in investors' pockets.

Looking at it from a different perspective, when the bubble supported by liquidity is about to burst, the projects that are genuinely creating real value are more likely to thrive. Their fundamentals are more stable, and they are better at attracting institutional funds that truly want to make "impact investments." Verifiable, real-world utility - this is the true moat that can transcend cycles.