#数字资产市场动态 $DUSK $ETH Silver prices are going crazy. Per ounce, it surged past $93, hitting a record high. But this rally is choking its own demand.

The photovoltaic industry is on the brink of collapse. In just one year, silver's share in battery costs skyrocketed from 14% to 29%—component manufacturers are forced to collectively raise prices to survive. Even more severe, the industry is beginning to collectively "de-silver" itself. Leading companies like Longi and Jinko have already replaced silver with copper. This move is risky, but there's no other way—PV companies have been losing money for two years, and silver prices have become the last straw.

The alarm is ringing: alternative materials will affect module lifespan, and future warranty risks are huge. Even more critically, silver used in PV accounts for 17% of global demand. Once the wave of substitution fully kicks in, the fundamental demand for silver will collapse directly. This speculative-driven metal frenzy is now inviting a backlash from demand.

There's a self-destructive mechanism hidden in the bull market. When prices soar to the point of choking demand, how much longer can this madness last?

$FET