#Strategy加仓BTC Silver prices soar, breaking $93 per ounce to hit a new all-time high. On the surface, it looks glamorous, but dark currents are surging beneath.

The photovoltaic industry is being squeezed to the point of breathlessness. Over the past year, silver's share in battery costs has skyrocketed from 14% to 29%, forcing component manufacturers to collectively raise prices to save themselves. Even more drastic measures have appeared—industry giants like Longi and Jinko are beginning to "de-silverize," replacing silver with copper. It may seem risky, but they are forced into it—after two consecutive years of losses, the surge in silver prices has become the last straw for the industry.

Alarm bells are ringing. Can alternative materials ensure the lifespan of components? How significant will future after-sales risks be? More critically, silver used in photovoltaics accounts for 17% of global demand. Once the wave of substitution fully unfolds, the fundamental demand for silver could collapse. This metal frenzy driven by speculation is now turning against itself.

The bull market harbors a self-destructive mechanism. The higher prices go, the less demand there is. How long can this madness last?