Accelerating crypto losses drag Bitcoin down to $91,000.

Strategy Outperforms as MSCI Keeps Stock in Index, But Crypto Weakness Limits Gains

Bitcoin (BTC $91,049) and most major cryptocurrencies extended losses in U.S. trading Wednesday, with Bitcoin down about 3% over 24 hours, trading near $91,100.

The CoinDesk 20 Index, tracking the top 20 digital assets, fell nearly 4%, led by XRP, which dropped more than 8%. Ether (ETH $3,120) fell 3.6%, showing no lift from Morgan Stanley’s spot ETH ETF announcement.

While the Nasdaq climbed 0.5%, precious metals retreated—gold down 1% and silver off 5%.

Digital asset treasury (DAT) stocks saw muted gains after MSCI confirmed Strategy (MSTR) will remain in its indexes. Strategy gained 1%, outperforming peers, while Bitmine Immersion (BMNR) fell 6%, Sharplink Gaming (SBET) lost 2%, and XXI (XXI) dropped 5%.

On the weekly chart, the MSTR to iShares Bitcoin Trust (IBIT) ratio bounced off the 3-level for a second consecutive week, trading around 3.11. In March 2024, the ratio held 3 before rallying to 9.5 in November, coinciding with MSTR’s all-time high. Bulls are watching whether the 3-level remains key support.