Gold suddenly became popular, but it's the "on-chain version" being bought?

The market is quietly changing its hedging methods.

If you think everyone is still buying gold bars for hedging, you might be a bit behind.
The latest data is outrageous: tokenized gold's trading volume in the first quarter directly surpasses the total of the past year. What does this mean?
It's not that gold is booming, but **"digital gold" is starting to take the spotlight**.
Meanwhile, Bitcoin dropped below 78,000 USDT, with gains shrinking to 1.88%, looking a bit "breathless."
On the other hand, Ethereum remains steady above 2,300 USDT, with a calm and steady pace.
Looking at these three things together, it's quite interesting:
Funds haven't left the crypto market; they're just changing their "hedging posture."
In the past: risk comes → buy gold
Now: risk comes → buy "on-chain gold," while keeping an eye on BTC and ETH.
More importantly, industry figures like Adam Back are still emphasizing: Bitcoin may dominate the economy in the future.
It sounds far away, but the reality is—
The market is already testing different "future versions" with different assets.
Here's the question:
Are you still viewing the new market with old logic?
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