**Why Wait for Precious Metals to Adjust? On-Chain Analysts Present a "Non-Consensus" Viewpoint**

The relationship between crypto assets and traditional stores of wealth has always been a hot topic in the market. Recently, James Check, Chief Analyst at Glassnode, shared an interesting perspective on X: Bitcoin does not rely on a pullback in gold and silver to move independently upward.

This view is considered "unpopular" because many investors assume these three asset classes are synchronized. In response, James Check bluntly pointed out that Bitcoin holders who hold this view "lack a true understanding of these assets' characteristics." The implication is that Bitcoin's operational logic is entirely different from that of traditional precious metals.

Macro economist Lyn Alden further deepened this discussion in a recent YouTube podcast. She explicitly stated: "Although they are often portrayed as competitors, I disagree with this framing." Lyn Alden's argument is more intriguing — she pointed out that the recent stellar performance of Bitcoin relative to gold is fundamentally due to a mismatch in timing cycles. Over the past year, Bitcoin has been in a slow accumulation phase, while gold has experienced a "once-in-a-decade bull market."

In other words, the two asset classes operate on different cyclical tracks. Bitcoin has its own growth logic and does not need to wait for gold and silver to "make way" to continue its upward story. This perspective offers the market a new way of thinking — in an era of diversified asset allocation, synergy and independence often coexist.