I do not think the correlation between silver and crypto is there. I mean silver can lose value in your country but increases insanely in my country, its all about supply and demand. For example USA may not buy silver like they used to however germany might see a sudden surge of interest in silver and prices will flactuate. In my country silver is biggest it has ever been in the history of silver prices.
However crypto has been in a steady decline, do I go out and say "people who lost money on crypto went after buying silver" ? No because I do not see the correlation there neither. I think they are different places from each other.