Editor’s Note
This article highlights a notable divergence between traditional and digital asset markets, with silver reaching a record high while cryptocurrencies broadly declined. Such contrasting movements often spark debate over whether they signal a retreat to safety or a rotation in speculative capital.
Silver surged to $63 per ounce on Thursday, December 11, reaching a new all-time high (ATH). In contrast, the entire crypto market fell by 2.74% over the last 24 hours, with all of the top 20 coins—except for stablecoins—in the red.
This sharp divergence between the two markets indicates a shift in capital flows. While such dynamics are often considered a classic signal of a flight to safety, some analysts, conversely, see it as a possible resurgence of risk appetite.
Silver continued its underlying bullish trend this Thursday, December 11, with a new record reached in the early hours of trading on Asian markets. Data from Companies Market Cap reveals that silver now occupies the sixth place among global assets with a market capitalization of $3.5 trillion.
According to a recent commentary by The Kobeissi Letter, the metal is poised for its best 12-month performance since 1979.
As the movement accelerates, investors are rushing back towards safe-haven assets. But where is this enthusiasm for silver coming from? For trader Michael, it’s not just a matter of demand, but a form of “despair.”
He points out that physically-backed silver ETFs absorbed more than 15.3 million ounces in just four days, the second-largest weekly inflow of 2025. Michael also notes that this volume is approaching the 15.7 million ounces accumulated over the entire month of November.
As for the largest silver ETF, the SLV, it reportedly attracted nearly one billion dollars in a week, surpassing inflows into major gold funds. According to Michael, silver’s sudden surge goes far beyond retail investor fervor or inflation fears. He defends the following idea:
The trader insists that when financial uncertainty and physical scarcity combine, the price of silver doesn’t just rise; it “breaks away,” a symptom, in his view, of a deeper rupture than a simple market rally.
Meanwhile, the gloom in the crypto market contrasts sharply with silver’s surge. Data from BeInCrypto Markets indicates that the leading cryptocurrency lost more than 2% on the day, extending an underlying downtrend.
Analyst Maartun notes that in 2025, silver has emerged as the big winner, even outperforming gold. Bitcoin, for its part, is lagging behind these precious metals, as well as major stock indices such as the S&P 500 and the Nasdaq.
This reflects a rise in cautious sentiment. When uncertainty grows, investors often turn to traditional safe-haven assets. Gold and silver have fulfilled this role for centuries.
However, some analysts interpret silver’s rise not as a flight to safety, but rather as a sign of investors’ increased acceptance of risk. Crypto specialist Ran Neuner offers this contrarian view, believing that the current market setup now favors dynamic assets. This is an analysis that challenges classic interpretations of precious metals rallies.
Neuner also highlighted that the ETH/BTC ratio has moved above its 50-week simple moving average, reflecting renewed interest in crypto. He also cited the breakout of the Russell 2000 and the recent Fed pivot as elements confirming an overall environment favorable to risk-taking.
Other analysts are also betting on a recovery in demand for Bitcoin. However, this scenario will only be confirmed if the current trend continues and if crypto buyers return en masse in the coming weeks.
The moral of the story: There are always two sides to a silver coin.