While the cryptocurrency community remains focused on the prospect of an altcoin season and the possibility of Bitcoin reaching new highs, a different story is unfolding. By the end of 2025, many analysts have dubbed it the “metals season,” with the trend becoming increasingly clear.
Precious metals, and even base metals, have outperformed cryptocurrencies this year. As analysts predict this trend could continue into next year, a big question arises: Could copper be a more attractive investment option than crypto?
The big rotation: metals dominate in terms of returns in 2025.
BeInCrypto previously reported that precious metals are consistently rising in price, attracting investors amid concerns about inflation, a depreciating US dollar, and prolonged macroeconomic instability. Gold, silver, and platinum are all setting new record highs.
“Gold prices are currently up 72% year-to-date, adding $13.2 trillion to market Capital . Silver has become the world’s third-largest asset, up 155% this year, with a market Capital of $4.2 trillion. The only other year to record a similar phenomenon was 1979, when CPI inflation was above 11%. And platinum? Up 159% and poised for its largest year-on-year increase in history. 2025 will certainly be talked about for decades to come,” The Kobeissi Letter Chia .
It's not just precious metals; base metals are also caught in the price surge. This week, copper prices surpassed $12,000 per ton for the first time . Bloomberg also reported today that copper prices are reaching new highs in China and continuing to rise sharply in the US.
This metal has even outperformed Bitcoin this year, rising by over 40%. In contrast, Bitcoin has fallen by about 6%. Many analysts are calling this the "metals season" and predict this trend will continue into next year.
“The commodity rally is likely to continue into 2026, with the Bloomberg Commodities Index entering a new upward wave. In other words, tangible assets are depreciating paper money as heavily indebted Western countries are forced to choose inflation. I expect commodities to continue their strong upward trend in 2026,” investor Zafar Shaikh commented .
Against this backdrop, copper stands out due to the imbalance between supply and demand, leading many to believe that the metal has significant room for growth.
Analyst Otavio Costa noted that while copper prices have nearly reached historical highs, production has not increased. He stated that output in the world's largest copper producer is currently at its lowest level in over a decade.
“I believe copper will be one of the most important macro assets in 2026, as this could be the period when the market redefines its true value. This setup suggests the possibility of another strong upward wave,” Costa predicted .
From Bitcoin to Nickels: An Unusual Transaction
Meanwhile, opinions on Bitcoin within the industry remain Chia . Key indicators suggest that BTC could enter a challenging phase in early 2026. Furthermore, Jim Cramer has reverted to a pessimistic outlook on Bitcoin.
Alex Thorn, Head of Research at Galaxy Digital, described 2026 as “too chaotic to predict.” However, many still believe that the world’s largest cryptocurrency could accelerate again next year and set new all-time highs .
Amidst conflicting signals, the investment choices of many investors have also shifted. There are cases like one trader selling all their Bitcoin to buy physical nickel, demonstrating the rising appeal of investment strategies based on physical assets.
“I sold all my Bitcoin. I switched everything to buying physical nickel. A nickel coin always costs 5 cents (legal dollars). But the value of the metal inside (copper/nickel) is now 6.2 cents,” BarkMeta Chia .
In October 2024, Jesse Colombo further emphasized that copper was a "recovery opportunity" for those who had missed the initial surge in gold and silver. Therefore, as Capital flows continuously and macroeconomic risks increase, copper is gradually being XEM not only as an industrial raw material but also as a strategic asset in macroeconomic terms.
Whether this "metals season" will truly overshadow the appeal of crypto remains to be seen. However, the increasing attention given to copper suggests that, at least for now, a segment of the market is seeking confidence not in digital narratives but in tangible scarcity.
