Crypto Markets Today: Gold Tokens Shine as Bitcoin Rises to USD 89,000
Gold-backed tokens have reached record highs, with XAUT trading around $4,425 and the total gold-backed token market value reaching approximately $4.38 billion.
Bitcoin climbed to about $89,800 amid a weakening dollar and a rally in tech stocks. Asian equities also rose, supported by gains in TSMC and Samsung.
In governance news, Curve DAO voted down a proposal to allocate 17.45 million CRV tokens (around $6.3 million) to Swiss Stake AG due to transparency concerns. The proposal was rejected with 54.46% voting against and 45.54% in favor, with Yearn Finance and Convex Finance wallets opposing.
Global digital asset investment products experienced a net outflow of $952 million over the past four weeks, according to CoinShares.
Market signals showed mixed futures data. CME Bitcoin futures open interest fell below 120,000 BTC for the first time since early 2024. Bitcoin and Ethereum implied volatilities stood at approximately 45% and 70% respectively. Some tokens faced negative funding rates, and Deribit reported mixed block flows and Ethereum calendar spreads.
CRV token rose about 4% in the last 24 hours, while the CoinDesk 20 index increased by 0.35% during the same period.
Macro hedging continues as investors remain cautious about risk appetite. Although liquidity conditions have improved, renewed institutional demand remains limited.
