Bitcoin BTC$88,243.52 traded under the $88,500 level in early-week trading as crypto markets softened heading into a pivotal stretch for global risk assets, marked by Federal Reserve policy decision and a heavy slate of Big Tech earnings.

The largest cryptocurrency traded around $88,400 during Asian hours, modestly lower on the day and down roughly 4% over the past week, according to CoinDesk data. Ether ETH$2,925.36 hovered near $2,940, while solana SOL$124.10, XRP XRP$1.8991 and DOGE$0.1221 also posted small declines, extending a cautious tone across major tokens.

Silver (XAU) pulled back from the day’s extremes in late U.S. trading after logging its sharpest jump since 2008, while gold (XAU) slipped off record highs after briefly topping $5,000 an ounce as choppy price action rattled the metals rally.

The white metal still finished Monday up 0.6%, even after a more than 14% intraday surge that briefly pushed it to a record above $117 an ounce — its biggest one-day swing since the global financial crisis.

Crypto, by contrast, has struggled to participate in the broader macro trade. Bitcoin remains well below its October peak, even as falling real yields, a weaker dollar and rising geopolitical uncertainty have fueled gains in equities and precious metals.

The divergence has reinforced the view that crypto is currently trading less as a hedge and more as a high-beta asset sensitive to positioning and liquidity.

“Cryptocurrencies remain a lagging class of risk-sensitive assets, falling short of metals and the strongest global currencies,” Alex Kuptsikevich, FxPro chief market analyst, said in an email.

“The technical bearish picture remains relevant, despite the gains in recent hours. BTC remains below its key moving average lines and has not attempted to break through the support of the last two months,” he added.

The Federal Reserve is widely expected to hold interest rates steady at its policy meeting on Wednesday, while earnings from several Magnificent Seven companies are set to test whether the AI-driven equity rally can extend. Both events are seen as potential catalysts for broader shifts in risk appetite, which can weigh down on crypto markets.

Whether crypto can regain momentum may depend less on crypto-specific news and more on how markets respond to the Fed’s messaging and Big Tech results. Until then, bitcoin appears pinned near current levels, drifting lower as investors wait for clearer direction.