Strategy Outperforms as MSCI Keeps Stock in Index, But Crypto Weakness Caps Gains
Bitcoin (BTC $91,049) and most major cryptocurrencies slipped in U.S. trading Wednesday, extending overnight losses. Bitcoin fell roughly 3% over 24 hours, trading near $91,100.
The CoinDesk 20 Index, which tracks the top 20 digital assets, dropped nearly 4%, led by XRP, down more than 8%. Ether (ETH $3,120) slid 3.6%, showing no boost from Morgan Stanley’s announcement of a spot ETH ETF.
The selloff comes as the Nasdaq rose 0.5%, while precious metals retreated—gold fell 1% and silver dropped 5%.
Digital asset treasury (DAT) stocks saw muted gains after MSCI confirmed it will not remove Strategy (MSTR) from its indexes. Strategy rose 1%, outperforming peers, while Bitmine Immersion (BMNR) fell 6%, Sharplink Gaming (SBET) down 2%, and XXI (XXI) declined 5%.
On the weekly chart, the MSTR to iShares Bitcoin Trust (IBIT) ratio bounced off the 3-level for the second week, now trading around 3.11. In March 2024, the ratio held at 3 before rallying to a peak of 9.5 in November, coinciding with MSTR’s all-time high. Bulls will watch closely to see if the 3-level continues as key support.
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