While the crypto community remained focused on the possibility of an altcoin season and fresh Bitcoin highs, a different narrative unfolded. By late 2025, what many analysts now describe as a “metal season” has taken shape.
Precious metals and even base metals have outperformed cryptocurrencies this year. With analysts expecting this momentum to extend into next year, a key question emerges: could copper offer a more compelling bet than crypto?
The Great Rotation: Metals Dominate 2025 Returns
BeInCrypto previously reported that precious metals have continued to trend upward, attracting investors amid persistent concerns about inflation, dollar debasement, and broader macroeconomic fragility. Gold, silver, and platinum have all reached record highs.
“Gold is now up +72% YTD, adding +$13.2 TRILLION in market cap this year. Silver has become the 3rd largest asset in the world, up +155% YTD, worth $4.2 trillion. The only other year that comes close to what we are seeing now is 1979, when CPI inflation was running at 11%+. Platinum? Up +159% and set for its biggest annual percentage gain ever recorded. 2025 will be a year that is referenced for decades to come,” The Kobeissi Letter posted.
Base metals were not excluded from the rally. Earlier this week, copper prices rose above $12,000 per ton for the first time. Today, Bloomberg reported that copper reached a record high in China, while also extending gains in the US.
The metal has even outperformed Bitcoin in year-to-date gains, rising over 40%. By contrast, Bitcoin is down approximately 6%. Many analysts have labeled this trend a “metal season” and expect the momentum to continue into next year.
“The rally in commodities is likely to expand further in 2026 with Bloomberg Commodities Index in fresh uptrend. Basically Hard Assets are devaluing the currency knowing fully well the only option for high debt of western countries is to inflate it away. Expect commodities run to continue in 2026,” Zafar Shaikh, an investor and trader, stated.
Against this backdrop, copper has emerged as a standout due to a growing imbalance between supply and demand, leading many to anticipate additional upside.
Analyst Otavio Costa noted that, despite prices hovering near record levels, production has not risen. He revealed that output in the world’s largest copper-producing country is currently at its weakest level in more than ten years.
“Copper is one of the most critical macro assets for 2026 as we are likely to enter a true price discovery phase, in my view. This setup points to the potential for a highly explosive move from here,” Costa forecasted.
Bitcoin to Nickels: An Unconventional Trade
Meanwhile, the industry’s outlook on Bitcoin remains divided. Key indicators suggest a challenging period could lie ahead for BTC in early 2026. Adding to the uncertainty, Jim Cramer has turned bearish on Bitcoin.
Galaxy Digital’s Head of Firmwide Research, Alex Thorn, described 2026 as “too chaotic to predict.” Still, some believe the world’s largest cryptocurrency could rally next year and set new all-time highs.
Amid these mixed signals, investor preferences appear to be shifting. For example, one trader sold all his Bitcoin to buy physical nickels, reflecting metal-backed arbitrage’s new appeal.
“I sold all my Bitcoin. I am putting it all into physical nickels. A nickel is worth 5 cents forever (legal tender). But the metal inside (copper/nickel) is worth 6.2 cents right now,” BarkMeta remarked.
In October, Jesse Colombo even described copper as a potential “shot at redemption” for investors who missed the early phases of gold and silver’s bull markets. Thus, as capital continues to rotate and macro risks intensify, copper is increasingly being viewed not just as an industrial input, but as a strategic macro asset.
Whether this “metal season” ultimately eclipses crypto’s appeal remains to be seen. However, the growing interest in copper suggests that, for now, parts of the market are seeking conviction not in digital narratives, but in physical scarcity.
