Crypto bulls are once again watching from the sidelines as the depreciation trade continues and risk assets are generally moving broadly higher during the US trading session.
The best performing pattern on Monday was gold, which jumped 2% to a new record high of $4,475 an ounce. Silver is up 1.6% and has already hit its own record high at just under $70 an ounce.
Just after noon on the East Coast, the Nasdaq and S&P 500 were each ahead 0.6% and the U.S. Dollar Index was down 0.3%.
After surpassing $90,000 in Asian/European trading sessions, Bitcoin moved closer to $89,000, still ahead over the past 24 hours, but continuing to underperform most major asset classes.
Ether Solana And also in the green on Monday, but they too fell from the highs reached before the United States opened to trade.
AI Business Remains Strong
A check of crypto-related stocks shows that Bitcoin miners that pivoted to business models focused on AI infrastructure and high-performance computing strongly outperformed on Monday.
Adding to the mood in the sector was Alphabet’s (GOOG) deal to acquire AI infrastructure startup Intersect for $4.75 billion. “This acquisition,” Alphabet said, “will bring more data centers and manufacturing capacity online, faster, while accelerating energy development and innovation.”
Hut 8 (HUT) leads the gainers with a lead of 17.5%. IREN (IREN), Cipher Mining (CIFR) and Bitfarms (BITF) post gains of 5-10%.
In other crypto sectors, Circle (CRCL), Coinbase (COIN), Bullish (BLSH), and Galaxy Digital (GLXY) are ahead 2-4%, and Bitcoin Treasury Benchmark Strategy (MSTR) is up just 0.3%.
Bitcoin May Not Rebound Until Gold Cools
“I reiterate that bitcoin and crypto are unlikely to shine until this bull market in precious metals stops,” ByteTree analysts, led by Charlie Morris and Shehriyar Ali, said in a report released Monday.
They highlighted that despite current trends, Bitcoin has outperformed the metals sector over the past few years.
However, silver, with its ongoing parabolic rally, has now nearly matched BTC’s return over the past eight years.
Read more: Why gold trumps Bitcoin in 2025: liquidity, trade and trust
