Today's macro lens on the crypto space is pretty interesting. Gold and silver are hitting new all-time highs—and here's the wild part: silver just flipped to become the second-largest asset globally, overtaking a major semiconductor player in market valuation. That alone tells you something about how capital is shifting around.

Meanwhile, crypto's sitting at $3.3T in total market cap. Yeah, that's down from the $4.38T peak we saw back in early October, but the space has clearly matured beyond just price ping-ponging. What's catching attention now is the infrastructure layer—stablecoins, tokenized equities, and other on-chain asset classes are starting to move real volume. The market's not just about speculation anymore; it's about whether these mechanisms can actually replace or complement traditional financial rails. That's the macro story worth watching as institutional capital keeps testing the waters.