On November 14, recent market trends have shown a clear divergence in asset performance: major digital assets continue to face downward pressure, while precious metals such as gold and silver have steadily climbed. PG Fortune International noted that this trend is not a short-term fluctuation but reflects deeper shifts in capital structure, credit expectations, and asset pricing logic. As the macroeconomic environment enters a new cycle, investors are reassessing their risk and safety preferences.
The digital asset market has seen particularly sharp adjustments this month, with Bitcoin declining over 9%, while major tokens like Ethereum, Solana, and DOGE fell between 11% and 20%. In contrast, XRP, which focuses on payment utility, showed relative stability with only a mild correction. Notably, even as the U.S. dollar index's upward momentum slowed—a condition typically favorable for risk assets—digital assets failed to recover. PG Fortune International believes this indicates that the key drivers of the market are no longer exchange rates or traditional macroeconomic variables but deeper credit conditions and capital flow structures.
Previous bullish factors for digital assets—such as accommodative policy expectations, temporary easing in international trade tensions, and reduced fiscal uncertainty—have already been priced in over recent months, leading to diminishing market sensitivity. With insufficient new buying demand, the crowded long positions accumulated under optimistic expectations have increased price fragility amid a lack of marginal capital inflows.
What truly concerns the market is the emerging credit risk tied to Digital Asset Treasuries (DATs). Over the past year, these institutions relied heavily on credit markets, using convertible bonds and structured debt financing to purchase digital assets. However, as sovereign governments and high-growth tech firms compete more aggressively in financing markets, DATs can no longer secure funding at the same cost and scale. Should external financing conditions tighten, these institutions may face refinancing difficulties, potentially forcing them to liquidate digital assets to meet debt obligations. The consequences could extend beyond individual entities, triggering a chain reaction across the digital asset market. PG Fortune International highlights that such forced selling risks are accumulating, contributing to the recent weakness in digital assets.
In stark contrast, precious metals have demonstrated resilience, with gold and silver rising 4% and 9% this month, respectively, while platinum and palladium also trended upward. The primary driver behind this strength is deteriorating fiscal health among major global economies, with high government debt ratios pushing investors toward assets with cross-cycle safety attributes. PG Fortune International explains that in an environment of increasing fiscal pressure, gold's pricing logic emphasizes its ability to hedge against credit and currency risks, rather than just short-term safe-haven demand.
Historical market research also suggests that gold often leads Bitcoin by days or even months. When precious metals rally and approach cyclical highs, some capital typically re-evaluates the relative appeal of digital assets. This implies that once precious metals stabilize or enter a consolidation phase, high-quality digital assets like Bitcoin could attract renewed allocation demand. However, PG Fortune International cautions that the current macroeconomic environment differs significantly from past cycles, making it uncertain whether this pattern will hold.
From a cross-asset perspective, the current market shift is not entirely pessimistic but rather a reassessment of risk-reward ratios across different asset classes. Traditional safe-haven assets are regaining favor due to their ability to withstand fiscal and credit pressures, while highly volatile, credit-dependent digital assets undergo structural deleveraging. PG Fortune International argues that although this adjustment increases short-term volatility, it does not undermine the long-term thesis for digital assets. Instead, after a thorough correction, high-quality assets may emerge on a healthier growth trajectory.
Looking ahead, digital assets could remain under pressure if credit conditions stay tight. However, if precious metals peak and consolidate, capital may flow back into risk assets. Should macroeconomic risk appetite gradually recover, high-quality, low-leverage digital assets could lead the rebound. In this structural volatility, asset quality, capital structure, and credit stability will be key determinants of market direction. PG Fortune International views the current market as a deep recalibration within a larger cycle, laying the groundwork for the next phase of trends.