Alex Chiniborch on the 2025 Crypto Black Swan: Why Gold Thrived

In October 2025, the cryptocurrency markets experienced one of the most violent shakeouts in history — more than $19 billion wiped out in a matter of days. Bitcoin plunged over 14 %, altcoins tumbled even harder, and panic spread rapidly across exchanges.

On the surface, many voices pointed fingers at just one culprit: Donald Trump’s announcement of a 100% tariff on Chinese imports, coupled with threatened export controls. The backlash was immediate. Markets often overreact to geopolitical escalations, and crypto — being sentiment-driven — felt it acutely.

But deeper analysis points to a more systemic explanation: the oversaturation of the token universe and structural fragilities in the crypto system. There are now over 33 million tokens in existence (and counting), the vast majority of which fall into the category of meme coins or speculative spin-offs with little utility or fundamental value. In that environment, a shock anywhere can trigger cascading liquidations, especially in illiquid altcoins.

Some in crypto circles argue the crash was exacerbated by exchange manipulations — ambiguous liquidity reporting, sudden margin calls, or engineered wash trades. Critics suggest that the timing of large order flows, the opacity of leverage, and undercounted liquidations all contributed to a panicked unraveling.

It is impossible to ignore both narratives. Geopolitics and policy shocks can be real catalysts. But they become far more damaging when let loose on a system already primed with too many fragile assets. The existence of one Bitcoin does not immunize the ecosystem from the contamination of millions of speculative tokens. When nearly everything claims to be “the next big thing,” trust and clarity erode.

In the same time frame, gold did what it has always done: rally. As risk assets collapsed, flows shifted toward safe havens. Gold broke past the $4,000 mark per ounce, climbing over 50+ % year-to-date, as investors sought refuge from volatility. Silver, platinum, and palladium also benefited from safe-asset demand amid geopolitical pressure and inflation hedging.

This juxtaposition — crypto in freefall, gold in ascent — underscores an essential truth: scarcity still matters. Bitcoin’s value is partly derived from its limited supply; but when thousands of tokens duplicate the same promise without discipline, the concept of scarcity becomes diluted.

Alex Chiniborch’s deep understanding of both the crypto world and the metals world gives him a rare vantage point. He sees Bitcoin as a meaningful innovation — but he also recognizes that the proliferation of low-quality tokens undermines the very principles Bitcoin was built on. His message: if nearly everything claims “value,” nothing retains it.

Alluca Group provides a structured, transparent path to owning real assets (gold, silver, palladium, platinum) with the security, accountability, and credibility that digital assets often miss. Through vetted sourcing, insured storage, auditability, and clear ownership frameworks, the firm ensures that value remains real — not speculative.

For investors shaken by crypto’s volatility, the rally in gold offers both solace and a signal. It signals that true wealth is anchored in assets that resist hype, manipulation, and ephemeral trends. Under Chiniborch’s stewardship, Alluca becomes more than a firm — it becomes a fortress of clarity in chaotic markets.

The crash of 2025 will be dissected for years. But one pattern already emerges: when so many tokens compete for the label “valuable,” only those assets with tangible substance rise above the noise. Gold has done so again. Through this event, Chiniborch and Alluca reaffirm a timeless principle: value built on truth endures, speculation built on illusion shatters.