#美联储回购协议计划 Gold and silver prices surge while the crypto market remains stagnant: who is really lying?

The recent market movements are indeed bizarre. Gold broke through $4531/oz, and silver soared to $75.5, marking an epic rally. Meanwhile, $ETH just completed the Fusaka upgrade, with Gas limits increased by 33%, layer-2 network transaction fees halved, and TPS hitting a record 34,000 times—appearing to be a technological breakthrough and institutional confidence.

But what is the reality? BTC and ETH are stuck in strange narrow-range oscillations. ETH keeps tugging around the $3000 mark, with 24-hour volatility as low as 3.5%, trading volume fluctuating unpredictably, completely failing to catch up with market enthusiasm. It’s as if someone pressed the pause button on the crypto world.

This contrast makes it hard to judge. One camp says it’s a phase of main players consolidating and preparing for a breakout. After all, the bull market peaks usually lag 12-18 months after the halving, and now is the window for chip rotation; sideways movement might actually be a sign of accumulating strength. The other camp is more pessimistic—funds have already moved into precious metals for safe-haven, and the positive fundamentals in crypto are just surface-level talk; a bear market is the real scenario.

The question is: with upgrades implemented, institutional entry, and technical data all showing positive signals, why is the market so cold? Will ETH break through the $3400 target and then pull back to support at $2800? Is this because smart money is accumulating at low prices, or does no one really believe in the market?

I’d love to hear what everyone thinks.