Bitcoin’s ongoing weakness drags ETH, SOL, and ADA lower, even as stocks rally to new highs.

Bitcoin and Major Cryptos Slide as Market Dips Below $3 Trillion

Bitcoin and other top cryptocurrencies slipped on Wednesday, driving the total crypto market capitalization down 1.4% to $2.97 trillion, falling back below the $3 trillion threshold after another failed rebound attempt.

Bitcoin traded near $86,900, unable to hold above $90,000 for the third consecutive day. Ether dropped 1.5% to roughly $2,927, while XRP, Solana, and Dogecoin posted steeper losses—Solana down nearly 3% and XRP off almost 2%.

The pullback came even as global stock markets reached fresh highs, signaling a preference for safer assets over high-risk crypto bets. MSCI’s All Country World Index rose for a fifth straight session, lifting its year-to-date gain to 21%. Asian equities added 0.2%, led by technology shares, following an all-time high for the S&P 500 on Tuesday.

Trading volumes were light ahead of the Christmas holiday, with European futures pointing to a muted open.

Alex Kuptsikevich, chief market analyst at FxPro, said repeated crypto rebounds are failing, reflecting growing seller control. “The market was unable to repeat the robust rebound from the local bottom, showing increased selling pressure,” he noted. Larger investors are behaving as if the market is entering a bear phase, favoring measured selling over retail-driven rallies.

Kuptsikevich also highlighted the broader risk environment: Bitcoin sold off after briefly surpassing $90,000, despite gains in gold and other precious metals and a weakening dollar. “Investors are reassessing risk appetite, and this risk-off sentiment may spread further,” he said, predicting sharper declines in cryptocurrencies and potential spillover into stocks and emerging-market currencies.

CoinShares data reflect this cautious mood: global crypto investment products saw $952 million in outflows last week, ending a three-week inflow streak. Bitcoin products lost $460 million, Ethereum shed $555 million, while XRP and Solana recorded inflows of $63 million and $49 million, respectively.