Haciyev Reşit 
One of the most eye-catching performances in financial markets recently has come from silver. Breaking record after record, silver has managed to outperform the returns achieved to date by investors who bought Bitcoin at the peak of the legendary 2017 rally that is still widely remembered in the crypto world. This comparison has once again brought long-term performance differences between traditional commodity markets and crypto assets into focus.
Silver Surpassed Bitcoin Returns
At the end of 2017, silver was trading at around $17, while Bitcoin captured global attention by reaching nearly $20,000 during its historic rally. At that time, interest in the crypto market was at its peak, and many investors positioned Bitcoin as a long-term store of value. Over the roughly eight years that have passed since then, Bitcoin has delivered a return of around 500%, showing a strong performance. However, over the same period, silver rose from $17 to as high as $117, generating an approximate return of 517%. This outcome demonstrates that silver—a traditional commodity—has outperformed the group of investors who bought Bitcoin following one of the most symbolic rallies in crypto market history. The comparison once again highlights the impact of entry timing and asset diversification on long-term returns.
Yesterday, spot silver climbed to $117, reaching an all-time high and drawing significant attention in commodity markets. However, the metal struggled to hold these levels and retreated to around $107 following sharp selling pressure during overnight trading. Despite this correction, silver prices remaining elevated indicate that investor interest is still strong. In addition, silver’s total market value surpassing $6 trillion clearly underscores its weight and strategic importance in global commodity markets. This picture suggests that silver is being viewed not only through short-term price movements but also as a strong asset from a long-term investment perspective.
Gold Lagged Behind in the Same Comparison
When the same performance comparison between Bitcoin and silver is applied to gold, a different picture emerges. An investor who chose to buy gold during the 2017 Bitcoin rally would have achieved a return of roughly 300% to date. This figure highlights gold’s stable but more limited performance.
Although gold prices recently moved above $5,110 and are trading in record-high territory, it is evident that gold has lagged behind both silver and Bitcoin in terms of long-term returns. This comparison shows that while gold provides stability as a safe-haven asset, it has offered more limited opportunities over the same period for investors seeking higher returns.
Extraordinary Volume in BlackRock’s Silver ETF
One of the clearest signs of rising interest in silver has been observed in BlackRock’s silver ETF. The iShares Silver Trust (SLV) saw its trading volume increase to nearly 15 times its normal level, reaching close to $32 billion in trading volume yesterday. This extraordinary activity reveals how rapidly interest in silver has strengthened among both institutional and retail investors. The resulting volume shows that SLV recorded higher trading activity on the same day than the S&P 500 ETF, as well as global giant stocks such as Nvidia and Tesla. This situation indicates that silver is no longer just a commodity, but has become a prominent investment vehicle in global markets.
Assessment
Silver’s performance in recent years shows that investors are once again turning not only to crypto assets but also to commodities as strong alternatives. The comparison with investors who bought at the peak of the 2017 Bitcoin rally once again underlines the importance of a long-term perspective and proper entry timing. Despite silver’s high volatility, rising institutional interest and ETF trading volumes suggest that the asset’s market significance could be maintained in the near term as well.
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