The investment market in 2025 has been completely reshaped. At the beginning of the year, cryptocurrencies were booming, but over the course of the year, they turned out to be the weakest sector. In contrast, precious metals and the US stock market staged a comeback—gold and silver reawakened like seasoned veterans, and the US stock market also held its ground steadily. This is not random fluctuation but a calm choice made by the market in an era full of uncertainties.

Why have precious metals become the winners? Data speaks for itself. Silver surged by 140% throughout the year, and gold also rose by 70%, both breaking historical highs. Geopolitical conflicts intensified, and inflation expectations persisted, causing funds to instinctively flow into tangible assets. Especially silver, which was aggressively absorbed by the solar energy and electric vehicle industries, driving copper prices up by 37%. More importantly, you can buy them with a single click through ETFs, with a transparent and clear regulatory framework. This certainty is hard for the crypto market to match. It’s human nature—who wouldn’t want some confidence in safe-haven assets?

The performance of the US stock market appears modest yet solid. Nasdaq rose by 19%, S&P 500 by 17%, and Russell 2000 by 14%. The expectation of interest rate cuts released liquidity, and AI concepts still attracted countless funds, making tech stocks the top choice for investors. In comparison, cryptocurrencies, which peaked early in the year with Bitcoin spot ETFs, revealed their true nature in the second half. Smart funds see clearly—US stocks with transparent rules and ample liquidity are far more trustworthy than the highly volatile crypto market.

Bitcoin’s performance best illustrates the point. Supported by ETFs and a friendly policy environment at the start of the year, it surged to new highs and was even mythologized as a “safe-haven asset.” But now, the price hovers around $88,000, down 6% from the beginning of the year. Once the hype fades, profit-taking floods the market, and momentum wanes. Institutions have indeed entered the market, but the price support ultimately depends on the liquidity of the broader market—this signal warrants caution.

Ethereum and other tokens have had an even harder time. Ethereum fell 12% over the year, dropping back to around $3,000. No matter how good the technical narrative, it’s hard to resist the reality of lacking ETF support. Market attention has already shifted, with funds flowing into Layer 2 ecosystems. The crypto market has cooled from hot speculation to calm, and investors’ demands for liquidity and operability are increasing.