Looking at the commodity cycles over the past few decades, you will find an almost unchanging sequence of initiation.

Usually, gold sounds the first alarm, followed closely by silver to catch up. Then copper begins to stir, and once copper strengthens, aluminum and the entire non-ferrous metals sector will be driven higher. At this stage, it seems the "metal storm" in the commodity market is a certainty, but the true systemic transmission is just beginning.

Crude oil often joins in the middle stage, with energy costs rising across the board. Next comes natural gas, with the two mutually transmitting and reinforcing each other. By this point, cost pressures are hard to conceal.

Finally, agricultural products like soybeans and corn follow, and only then do the rising living costs truly become felt by ordinary people. To simplify: Gold → Silver → Copper → Aluminum → Oil → Gas → Food.

Of course, there are linkages and divergences in between—when copper starts, other non-ferrous metals can't sit still; within energy, they also reinforce each other—but this overall sequence is rarely completely disrupted. Most of the time, it's just a matter of pace.

And BTC? As an extreme representative of risk assets, it always enters last. But precisely because it is last, its gains are often the most fierce. This pattern has been repeatedly validated across multiple cycles and has become an invisible indicator for observing macro liquidity.