Bitcoin–Silver Ratio Approaches Levels Last Seen During the FTX Collapse

Volatility, historical patterns and relative-value signals are fueling debate over whether silver may be approaching a blow-off top.

In every major bull market across asset classes, investors are tempted to call the peak. That impulse is often reinforced by comparisons to celebrated contrarian calls — most notably Michael Burry’s warning ahead of the U.S. housing crash in 2007. Such behavior tends to intensify as prices accelerate and volatility rises, conditions that now characterize the silver market.

Bitcoin–Silver Ratio

The bitcoin-to-silver ratio is currently hovering near 780, below its 2017 peak when bitcoin surged to $20,000 and approaching levels last seen in November 2022, when bitcoin bottomed near $15,500 and the ratio fell to around 700. The convergence suggests silver may be entering a more fragile phase relative to bitcoin.

Silver prices have climbed nearly 300% over the past year. On Monday, the metal dropped almost 15% after gaining a similar amount earlier in the session, briefly touching highs near $117 per ounce before retreating to around $112 — a sharp intraday reversal that underscores elevated volatility.

History adds to the caution. Previous local tops in silver have frequently clustered early in the calendar year, with many occurring in the first half. Notable peaks include February 1974; January 1980, which marked a clear blow-off top near $47; February 1983; May 1987; February 1998; April 2004; May 2006; March 2008; and April 2011, when silver topped near $50 during another blow-off phase.

Taken together, these historical tendencies raise a potential warning flag. If past cycles are any guide, silver’s recent price action may signal that the market is nearing a cyclical peak — or even a blow-off top.

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