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Crypto World

Bitcoin-gold ratio flashes historic warning as altcoins sink to record lows

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Bitcoin-gold ratio flashes historic warning as altcoins sink to record lows

Gold at $5k exposes how brutally altcoins have lagged, even as gold-backed RWA tokens like PAXG and XAUT surge in adoption and on-chain trading.

Michaël van de Poppe fires a warning flare. “The current valuation of #Altcoins against Gold is the lowest it has ever been… The RSI has turned to 25 on the weekly timeframe. This has never happened,” he writes, adding that the only prior analogue was “the COVID crash (a Black Swan).” With spot gold grinding around $5,000 per ounce, that ratio now acts as a brutal scoreboard of how far non‑major crypto has lagged the metal.

Real‑world‑asset tokens backed by gold sit at the center of this stress test. PAX Gold (PAXG), which represents title to allocated London Good Delivery bars, trades near $5,035.43, down 0.09% over the last 24 hours, with a $425.2M daily volume and a $4,985.75–$5,088.73 intraday range.

Leading the way are Ondo (ONDO), up about 0.3% over the last 24 hours, PAX Gold (PAXG), higher by roughly 0.6% on the day, Maker (MKR), gaining around 2–3% in 24 hours, and Chainlink (LINK), trading fractionally lower on the day, which analysts say may be bucking the broader crypto bear trend.

Tether Gold (XAUT) changes hands around $5,013.23, essentially flat on the day, after a 7.4% gain over the last week and an 11.41% rise over the past month. Both instruments track bullion tightly, but remain small compared with the broader crypto complex, underscoring how little capital has actually migrated into tokenized metals despite gold’s parabolic move. Live market stats for PAXG and XAUT are available on their respective crypto.news price pages:

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The RWA Sector by the Numbers

Zooming out, the RWA sector is growing, but unevenly. CoinMetrics and Tokeny data put tokenized commodities—dominated by gold‑backed tokens like PAXG and XAUT—in roughly the $0.8–$1B range as of the latest comprehensive report, a rounding error next to spot gold’s multi‑trillion‑dollar market.

More recent industry analysis highlights a sharp acceleration: tokenized gold and silver market value has pushed to new highs into 2026 as regulatory clarity improves and large institutions experiment with on‑chain funds and vault‑linked products. Yet derivatives flow shows how violently this niche still trades; one recent week saw RWA perpetuals volume spike above $15.5B as gold futures dropped over 10% and silver nearly 28%, forcing liquidations across levered positions.

Altcoins vs Gold: Structural Cheapness, Not Just Panic

That backdrop explains why van de Poppe’s chart looks so extreme. Altcoins—especially sub‑top‑100 RWA plays—have been doubly hit: first by structural dilution (new token issuance, unlocks) and second by liquidity tightening that rewards “sleep‑at‑night” gold over speculative tails. As one responder put it, “altcoins hitting historic lows versus gold screams opportunity if you can stomach volatility… rsi at 25 on weekly shows extreme oversold conditions, rarely this extreme.” Whether that becomes the “ultimate arbitrage” for believers in the long‑term blockchain thesis, or just another value trap, will depend on the next macro liquidity flip—not on narratives alone.

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Crypto World

Franklin Templeton Expands Crypto Arm With CoinFund Deal

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Franklin Templeton Expands Crypto Arm With CoinFund Deal

Global asset manager Franklin Templeton is set to expand its crypto footprint by acquiring a spinoff of the crypto-native investment firm CoinFund.

Franklin Templeton said Wednesday it plans to acquire 250 Digital, a CoinFund spinoff that runs liquid crypto investment strategies, expanding the asset manager’s digital asset business. The deal will form part of a new unit called Franklin Crypto once it closes.

The move follows CoinFund’s decision earlier this year to spin out its liquid strategies business into 250 Digital as the company sharpened its focus on venture investing.

Christopher Perkins will lead the new Franklin Crypto, and Seth Ginns will serve as chief investment officer alongside Franklin Templeton digital assets veteran Tony Pecore, as the company broadens its crypto investment platform for institutional clients.

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The deal will incorporate BENJI tokens, which represent ownership shares in the Franklin OnChain US Government Money Fund (FOBXX), a regulated money market fund tokenized by Franklin Templeton in 2021.

Acquisition involves all liquid strategies previously run by CoinFund

Franklin said the undisclosed transaction includes the 250 Digital investment team and all liquid cryptocurrency strategies previously run by CoinFund, and that it will also invest in those strategies as part of the agreement.

The transaction is expected to close in the second quarter of 2026, subject to the execution of definitive transaction agreements, client consents and other customary closing conditions.

Source: Franklin Templeton Digital Assets

Franklin Templeton’s digital asset arm manages around $1.8 billion in assets and is a major institutional player in the crypto industry, where it has been building a presence since 2018.

The company is known for being one of the first to launch a US-listed spot Bitcoin ETF alongside other major asset managers such as BlackRock in 2024.

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Related: Franklin Templeton, Ondo to launch tokenized ETFs with 24/7 trading via crypto wallets

The acquisition comes during a prolonged slump in the crypto market, with Bitcoin down around 45% from its peak above $126,000 recorded in October 2025.

However, Franklin Templeton says the environment is attracting talent and creating opportunities to build long-term infrastructure.

Franklin’s head of innovation, Sandy Kaul, told The Wall Street Journal the recent market selloff helped create an opening to expand.

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“This big selloff that we had in the crypto markets is creating a very unique opportunity that really made us all decide that this is the right time to pull the trigger,” Kaul said.

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