Cryptocurrencies trade flat again while gold notches a new high and U.S. equities advance.

Bitcoin briefly reclaimed the $90,000 mark ahead of the U.S. open but failed to sustain the move, slipping back as broader risk assets pushed higher during the American session.

Crypto markets remained subdued, with bullish positioning limited as the debasement trade continued to favor traditional assets. Gold dominated the day’s moves, jumping 2% to a fresh all-time high of $4,475 per ounce. Silver rose 1.6%, having earlier set its own record just shy of $70 an ounce.

By midday in New York, the Nasdaq and S&P 500 were each up about 0.6%, while the U.S. dollar index was down 0.3%.

After surging above $90,000 during Asian and European trading, bitcoin (BTC) eased back toward $89,000. Despite remaining higher over the past 24 hours, it continues to underperform most major asset classes. Ether (ETH), Solana (SOL) and XRP also traded higher on the day, but each pulled back from highs reached before U.S. markets opened.

AI-linked miners lead gains

Among crypto-related equities, bitcoin miners with growing exposure to AI infrastructure and high-performance computing outperformed sharply. Sentiment in the group was lifted by Alphabet’s $4.75 billion agreement to acquire AI infrastructure startup Intersect, a deal the company said will help accelerate data center expansion and energy development.

Hut 8 (HUT) led the group with a 17.5% jump, while IREN (IREN), Cipher Mining (CIFR) and Bitfarms (BITF) posted gains of 5%–10%.

Elsewhere, Circle (CRCL), Coinbase (COIN), Bullish (BLSH) and Galaxy Digital (GLXY) were up between 2% and 4%, while bitcoin treasury proxy Strategy (MSTR) added just 0.3%.

Precious metals still stealing the spotlight

Analysts at ByteTree said bitcoin and the broader crypto complex are unlikely to take the lead until the powerful rally in precious metals shows signs of cooling.

While bitcoin has outperformed metals over the past several years, the firm noted that silver’s parabolic advance has now nearly matched BTC’s total return over the past eight years.