When the market is selling risk, what assets is the system accepting?\n\nOver the past year, the best performers have been silver, gold, and US stocks.\n\nThese are all long-term assets that have been systematically accepted.\n\nTheir common point is that they have long existed within the capital pools, custody, risk control, and settlement systems.\n\nLooking at crypto assets instead.\n\nEven assets like BTC, ETH, and SOL—considered "better assets"—are still sold off together during risk-off periods. Because they are primarily market assets, their existence depends on trading, liquidity, and
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