As the cryptocurrency community continues to focus on altcoin seasons and new all-time highs for Bitcoin, a different development has emerged. By the end of 2025, many analysts foresee a trend that they call the 'metal season.'
Precious metals, as well as base metals, are showing performance this year that surpasses cryptocurrencies. Analysts believe this momentum will continue into next year, raising an important question. Could copper become a more attractive option than cryptocurrencies?
Massive asset shift: Metals lead returns in 2025
BeInCrypto previously reported that precious metals continue to maintain an upward trend. Concerns over inflation, the declining value of the dollar, and widespread macroeconomic vulnerabilities remain strong, attracting investors. Gold, silver, and platinum have all reached new all-time highs.
"Gold has risen 72% year-to-date, increasing its market capitalization by $13.2 trillion. Silver has become the third-largest asset in the world, rising 155% year-to-date, with its value reaching $4.2 trillion. The only year comparable to the current movement is 1979 when the Consumer Price Index (CPI) surpassed 11%. Platinum has also risen 159%, and is expected to record the highest annual increase ever. The year 2025 will be remembered for decades to come," stated Kobeissi Letter.
Base metals are not excluded from this rise. Earlier this week, copper prices surpassed $12,000 per ton for the first time. Today, Bloomberg reported that record highs were recorded in China, and prices continue to rise in the United States.
This metal has risen over 40% year-to-date, outperforming even Bitcoin. Meanwhile, Bitcoin has fallen about 6%. Many analysts are referring to this trend as the "metal season," anticipating that the momentum will continue into next year.
"The rise of commodities is likely to expand further in 2026, and the Bloomberg Commodity Index is expected to enter a new upward trend. Essentially, hard assets are depreciating the value of currencies, and there is a growing perception that the only solution to the massive debts of Western countries is debt reduction through inflation. I expect the rise in commodities to continue into 2026," said investor and trader Zafar Shaikh.
Amidst this, copper is attracting attention as it has further room to rise due to the expanding imbalance between demand and supply.
Analyst Otavio Costa pointed out that production has not increased while prices hover near record highs. He noted that in the world's largest copper-producing country, production is currently at its lowest level in over a decade.
"Copper is likely to become one of the most important macro assets for 2026, entering a true price discovery phase. This situation suggests that a very explosive move may occur from here," Costa predicted.
Unusual transactions from Bitcoin to 5-cent coins
On the other hand, the industry's outlook on Bitcoin is divided. Key indicators suggest that BTC may struggle in early 2026. As a further uncertainty, Jim Cramer has shown a bearish stance towards Bitcoin.
Alex Thorne, head of research at Galaxy Digital, stated that 2026 is "too chaotic and unpredictable". Still, some believe that the world's largest cryptocurrency will rebound next year and reach new all-time highs.
Amidst these complex signals, investor preferences are changing. For example, one trader sold all his Bitcoin and purchased physical 5-cent coins (nickel). This indicates that metal-backed arbitrage trading is becoming a new attraction.
"I sold all my Bitcoin. I'm putting everything into physical nickel. A 5-cent coin is always worth 5 cents (currency), but the value of the metal (copper and nickel) in it is currently 6.2 cents," said BarkMeta.
In October, Jesse Colombo described copper as a "chance for redemption." This applies to investors who missed the early bull run of gold and silver. Amid the rotation of capital and rising macro risks, copper is beginning to be recognized not only for industrial uses but also as a strategic macro asset.
It is still unclear whether this "metal season" will ultimately surpass the allure of cryptocurrency. However, the growing interest in copper suggests that part of the market is currently seeking certainty in physical scarcity rather than digital narratives.
