Gold-backed tokens gained sharply as gold prices climbed to new highs. Tether Gold reached $4,425, setting a record, while PAXG and Kinesis Gold also rose. The total market value of gold-backed tokens hit $4.38 billion. This reflects investors’ preference for hedging uncertainty rather than taking aggressive risks.

Bitcoin rose to $89,800 as the dollar index fell and tech stocks lifted Asian markets. Strong gains from companies like Taiwan Semiconductor and Samsung helped ease fears of an AI bubble. U.S. S&P 500 futures also pointed to a higher open.

Despite the price increase, institutional investment remains muted. Digital asset products saw a net outflow of $952 million last week, the first in four weeks. Futures data shows mixed signals. BTC, ETH, HYPE, and BNB saw small rises in open interest, while other major coins saw outflows. BTC longs on Bitfinex continued to climb, a trend often seen in bear markets. BTC’s 30-day implied volatility stayed around 45%, while ETH’s dropped to 70 percent, the lowest since early October. CME BTC futures open interest fell below 120,000 BTC, signaling reduced institutional participation. Some coins like BCH, SHIB, WLFI, and TON show negative funding rates, indicating short bias, while majors remain mildly positive. Deribit data showed mixed activity, with BTC call and put spreads trading actively and ETH calendar spreads gaining attention. Puts for BTC and ETH still trade at a premium to calls, though the bias has eased slightly.

In the DAO world, Curve Finance rejected a proposal to allocate 17.45 million CRV tokens for development. The vote ended 54.46% against and 45.54% in favor. The funding would have supported Swiss Stake AG, a company led by Curve’s founder, to pay its 25-person team. Large holders from Yearn Finance and Convex Finance opposed the measure, citing lack of transparency in prior spending. DAO members called for detailed expense reporting before approving further funding. Despite the proposal’s rejection, CRV rose about 4% in the last 24 hours, outperforming the broader market. The CoinDesk 20 index also gained 0.35%.

Overall the market shows cautious optimism. Gold tokens lead gains as investors hedge risk. Bitcoin and major crypto move slightly higher while institutional flows remain muted. DAO governance continues to emphasize transparency before approving new spending. The trend suggests steady trading with selective strength in safe haven assets like gold-backed tokens and cautious moves in the crypto market.

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