Crypto markets remain cautious as traditional risk assets and the debasement trade continue to dominate investor attention during the U.S. trading session. While equities and precious metals push higher, bitcoin and major cryptocurrencies are once again trailing behind broader market momentum, highlighting a divergence that has become a recurring theme in recent months.
Gold is the clear standout performer, surging more than 2% to a new all-time high of approximately $4,475 per ounce. Silver is also posting strong gains, rising around 1.6% and briefly touching a fresh record just below $70 per ounce. The rally in precious metals underscores growing investor demand for inflation hedges and hard assets amid ongoing currency debasement concerns. At the same time, U.S. equities are firmly in positive territory, with the Nasdaq and S&P 500 each up about 0.6%, while the U.S. dollar index is down roughly 0.3%, adding further support to commodity prices.
Bitcoin, despite briefly climbing above $90,000 during Asian and European trading hours, has pulled back toward the $89,000 level. While still higher on a 24-hour basis, BTC continues to underperform gold, silver, and equities. Other major cryptocurrencies, including ether, solana, and XRP, are also in the green but have similarly retreated from earlier session highs, reflecting a lack of sustained upside momentum during U.S. hours.
Crypto-related equities are showing more selective strength, particularly among bitcoin miners that have shifted toward AI infrastructure and high-performance computing. Shares of Hut 8 are leading the group with gains exceeding 17%, while IREN, Cipher Mining, and Bitfarms are advancing between 5% and 10%. The sector received a boost from Alphabet’s $4.75 billion acquisition of AI infrastructure startup Intersect, signaling continued investment in data centers, energy generation, and artificial intelligence. Meanwhile, major crypto firms such as Coinbase, Circle, Bullish, and Galaxy Digital are posting moderate gains, while Strategy, a key bitcoin treasury proxy, is only marginally higher.
According to ByteTree analysts, bitcoin and the broader crypto market may struggle to outperform until the powerful bull run in precious metals begins to cool. While bitcoin has outperformed metals over the past several years, silver’s recent parabolic rally has nearly matched BTC’s long-term returns since 2017, reinforcing the current shift in investor preference toward traditional hard assets.
