Cryptos ETH, SOL, and ADA fall as Bitcoin struggles, despite equities hitting record highs.

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

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

Bitcoin traded near $86,900, unable to hold above $90,000 for the third consecutive day. Ether fell 1.5% to around $2,927, while XRP, Solana, and Dogecoin posted larger losses, with Solana down nearly 3% and XRP off close to 2%.

The pullback came even as stock markets hit new highs, signaling that investors are favoring safer assets over high-risk bets. Strong U.S. economic growth supported equities, with MSCI’s All Country World Index climbing for a fifth straight session and year-to-date gains reaching 21%. Asian markets added 0.2%, led by technology stocks, following an all-time high for the S&P 500 on Tuesday.

Trading volumes were thin ahead of the Christmas holiday, and European futures pointed to a muted open.

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

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

Investor flows reflect the cautious mood. 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, Ethereum lost $555 million, while XRP and Solana saw inflows of $63 million and $49 million, respectively.