$DUSK $ETH Silver just broke through $93 to hit a new all-time high, and immediately started to wipe out the photovoltaic industry's livelihood.

Here's the situation—silver's share in photovoltaic cell costs skyrocketed from 14% to 29% in just a year, forcing component manufacturers to raise prices collectively. Industry giants like Longi and Jinko had no choice but to start replacing silver with copper on a large scale. This move sounds wild, but the photovoltaic industry has been losing money for two years, and the surge in silver prices became the last straw that broke the camel's back.

The problem is—although alternative materials can provide temporary relief, replacing silver with copper may affect the lifespan of the modules, increasing warranty risks. Even more painfully, 17% of global silver demand comes from the photovoltaic industry. Once the wave of substitution fully unfolds, the physical demand base for silver will collapse. This metal rally driven by speculative trading ultimately destroys its own demand side.

The self-destructive mechanism hidden in a bull market is like this—rising prices end up stifling demand, and the frenzy ultimately pays the price itself.