Bitcoin and Major Tokens Slip as Crypto Market Falls Below $3 Trillion

Bitcoin and major cryptocurrencies dipped on Wednesday, dragging the total crypto market value down 1.4% to $2.97 trillion, retreating below the $3 trillion mark after another failed rebound attempt.

Bitcoin traded around $86,900, unable to sustain a break above $90,000 for the third consecutive day. Ether slid 1.5% to roughly $2,927, while XRP, Solana, and Dogecoin posted larger losses, with Solana down nearly 3% and XRP off almost 2%.

The pullback occurred even as some stock indexes reached fresh highs, signaling that capital is favoring safer bets over high-beta assets. Global markets rallied on a strong U.S. growth reading, reinforcing expectations for firmer corporate earnings. MSCI’s All Country World Index rose for a fifth straight session, boosting its year-to-date gain to 21%. Asian equities added 0.2%, led by technology shares, following an all-time high close for the S&P 500 on Tuesday.

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

Alex Kuptsikevich, chief market analyst at FxPro, said repeated crypto rebounds are failing to gain traction, indicating growing seller control. “The market was unable to repeat the robust rebound from the local bottom, signaling increased pressure from sellers,” he said. Kuptsikevich added that larger players are behaving as if the market is entering a bear phase, favoring measured selling over retail-driven rallies.

He also noted the broader risk environment. Bitcoin sold off after briefly surpassing $90,000, despite rallies in gold and other precious metals and a weakening dollar. “Investors are reassessing risk appetite, and this risk-off move may spread further,” Kuptsikevich said. He expects a more pronounced decline in cryptocurrencies in the coming weeks, potentially affecting stocks and emerging-market currencies.

Flows data reinforce the cautious sentiment. CoinShares reported $952 million in outflows from global crypto investment products last week, ending a three-week streak of inflows. Bitcoin products saw $460 million in outflows, and Ethereum funds shed $555 million, while XRP and Solana saw inflows of $63 million and $49 million, respectively.