Cardano’s ADA Takes the Lead in Major Crypto Dip as Bitcoin Sellers Dominate; ProShares Modifies XRP ETF

Crypto Market Dips as Chinese Stocks Struggle and Profit-Taking Hits Bitcoin

Bitcoin (BTC) and other major cryptocurrencies saw a notable decline on Wednesday, following a slump in Chinese stocks, which fell as much as 2.9% after the market opened despite China reporting a 5.4% economic growth for Q1.

The drop in Bitcoin and other major tokens came after Tuesday’s rally, with traders taking profits during the early hours of Asian trading. Overall, the cryptocurrency market cap fell by 3.3%, with Bitcoin losing ground from its previous high of $84,200 to just under $83,500. Ether (ETH) and Cardano (ADA) saw the most significant losses, falling by up to 5%.

XRP, meanwhile, experienced steady declines, with market activity indicating a possible continued drop. On the positive side, however, ProShares, a leading ETF provider, amended its filing for a spot XRP ETF, aiming for a U.S. launch on April 30, signaling optimism for the token’s future.

In terms of investor behavior, large Bitcoin holders have significantly reduced their selling activity. According to CryptoQuant, daily Bitcoin sales from these large investors have dropped from 800,000 BTC in late February to 300,000 BTC more recently. This slowdown in selling reflects these investors’ efforts to lock in losses during the ongoing price downturn.

While selling pressure has decreased, large investors’ accumulation of Bitcoin remains weak. The most recent data shows their holdings fell by about 30,000 BTC over the past week, and the monthly accumulation rate has dropped sharply, from 2.7% in March to just 0.5%, the slowest rate since February 20.

This downturn in major cryptocurrencies came alongside losses in Chinese equities, despite China’s strong economic growth, signaling broader market concerns. The ongoing effects of tariff uncertainty are weighing heavily on risk sentiment, which continues to influence the broader crypto market.

James Toledano, COO of Unity Wallet, commented on the situation, “The fear of a U.S. recession is becoming more palpable, with institutions revising forecasts to show growth stalling between 0.1% and 1%. While many think the risk is priced into equities, I’m not convinced that the bottom has been reached yet.”

He also pointed out that Bitcoin’s decentralized nature is gaining appeal in times of market volatility, adding, “While macroeconomic uncertainty, partly fueled by policies under the Trump administration, is a concern, it may ironically be helping Bitcoin’s rise — though the risks remain substantial for all markets, crypto included.”