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?
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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.
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.
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.
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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.
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.
Source: https://beincrypto.com/metals-outperform-bitcoin-vs-copper/
