Precious metals reach new highs again, with gold and silver taking turns to rise, and market hotspots shifting clearly. As a crypto asset, BTC has long been marginalized by the market, but this time it finally keeps pace. The past few months have indeed been tough, with repeated consolidations wearing people out. But from a longer-term perspective, the entire market structure is adjusting, and there are many opportunities in the coming year. The strength of precious metals fundamentally reflects changes in macro expectations. Whether BTC can continue to rise alongside remains to be seen, but it at least indicates that the enthusiasm for risk assets is re-accumulating.