Looking at this year's market performance, an interesting phenomenon can be observed—gold and silver, the two major precious metals, have performed exceptionally well, far surpassing the gains of stock indices and cryptocurrencies. In comparison, tech stocks like MicroStrategy appear relatively dull.

The fundamental reason is simple. The Federal Reserve's interest rate cut expectations for next year still exist, which means gold will continue to rise. Historical experience shows that a low-interest environment is always favorable for gold.

But what about cryptocurrencies? The situation is a bit different. During this wave, capital enthusiasm for them has noticeably cooled down, feeling somewhat neglected. Stock indices are weak, and cryptocurrencies haven't shown much improvement, truly becoming outcasts in the market.