The Oregon Group reported in late October 2025 that Crypto vs Metals: Is a great rotation from crypto to mining underway? [One step away from fantasy grifting to reality?] Metals and crypto are competing for capital in one of the great rotations of this decade.
October, historically the most-volatile month, strikes again — and metals and crypto are competing for the role of the investor’s safe haven:
- Bitcoin plunged over 14% in early October 2025 – falling as low as US$104,800
- Then gold dropped it steepest single-day fall since 2013, down 8% on October 21-22, erasing an estimated US$2.5 trillion
Those numbers hardly inspire confidence as a safe haven — but, step back a moment:
- Gold prices are still more than 9% in October, and 40% year to date, beating an increase of 30% in Bitcoin and 15% in the S&P 500 y-o-y. And it’s not just gold, metals across the boards are up with capital pouring into a broader set of metals as investors seek diversification across the resource complex.
- Crypto prices, on a single volatile week of October 2025, over US$19 billion in crypto positions were liquidated. Bitcoin, which had soared past US$126,000 to all-time highs earlier in the month, suddenly plunged to a low of about US$104,800. Some tokens like Solana and Sui fell 40%.
It was the largest crypto liquidation in history, sparked by White House announcement of a 100% tariff on Chinese imports, alongside threats of tech export bans. Within 24 hours, the wipeout was nine times larger than even the worst day of the 2020 crash, as leveraged crypto bets unwound en masse.
Meanwhile, metals are on a tear in 2026:
Commodity / Latest Price (Oct 22, 2025) / YTD Performance
- Gold / US$4,057/oz / +49.1% YTD
- Silver / US$48.3/oz / +42.8% YTD
- Platinum / US$1,534/oz / +50.1% YTD
- Palladium / US$1,410/oz / +30.9% YTD
- Copper / US$4.96/lb (US$10,612/tonne) / +13.6% YTD
- Uranium (U₃O₈) / US$62.9/lb (Sep 2025) / +20–22% YTD
- Lithium / CNY 74,350/tonne (~US$16,800/tonne) / +4% YTD
- NdPr / CNY 532,500/tonne (~US$73,000/tonne) / ≈+29% YTD
[Read well-crafted detail in article.]
[Here are the summary conclusions:]
The 2025 rally across metals may have paused, but it hasn’t broken. The underlying story — inflation persistence, supply insecurity, and policy support — remains intact.
From a macro, strategic vantage, the big picture is taking shape. The world is entering a period of resource nationalism and higher inflation uncertainty, conditions under which “real stuff” outshines digital dreams. Investors and policymakers alike are recalibrating what constitutes a secure investment.
For investors, the message is to look beyond short-term volatility. Mining equities, industrial metals ETFs, and select physical asset plays still offer leverage to the macro environment now being priced into markets.
Gold’s resurgence to record highs, and the fact that some gold mining stocks have doubled in price within months, signal a reordering of priorities. Risk and reward are being repriced across the board.
The Oregon Group concludes that, yes (finally), a great rotation from crypto back to mining and hard assets is underway, though its longevity will hinge on how the economic and geopolitical drama unfolds. Deliberate or not, the current WH administration’s actions have created an environment where bullion outshines bitcoin and “pickaxe” investments are — dare we say it — sexy again. For a generation of investors raised on digital disruption, 2025 is a wake-up call that physical commodities and geopolitics can disrupt back.
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