The headline losses look dramatic, but they do not signal a liquidity crisis or forced bitcoin selling.

The United States has quietly built up its largest copper stockpile in decades, a move that is distorting the trade patterns of this red metal as it flows to the rest of the world. The influx of copper into U.S. inventories has accelerated over the past year, exacerbating upward pressure on prices.

Bitcoin is flashing renewed stability this month, backed by a notable seasonal pattern: it has never posted back-to-back losses in January and February.

An analysis by the Financial Times points out that AI demand has driven an unprecedented surge in the memory chip sector, with SanDisk's stock price soaring 1200% in the past six months. However, the industry's strong cyclical nature remains unchanged, and the current market is showing structural risks similar to those of 2022: suppliers are over-purchasing to compete for cloud vendor orders, hyperscale enterprises are overestimating demand, and duplicate orders and capacity expansion coexist. Historical data shows that memory stocks often experience rapid corrections after sharp rises. Although this cycle has benefited from technological differences such as HBM, the cyclical pattern is still at play.

Apollo's chief economist, Slok, has found that the negative correlation between gold and real interest rates has completely broken down since 2022. He believes this marks the beginning of a new market paradigm, where high inflation and macroeconomic risks will continue to support gold as a core safe-haven asset.