Bitcoin and most other digital assets were down in U.S. trading on Wednesday, extending losses overnight. At press time, bitcoin had fallen 3% over the past 24 hours to $91,100.
The CoinDesk 20 Index, which tracks the top 20 crypto assets, is trading nearly 4% lower over the same period, led by XRP, which is down over 8%. Ether is down 3.6%, showing no boost from Wall Street giant Morgan Stanley’s move to offer a spot ETH ETF.
The crypto sell-off comes as the Nasdaq rises 0.5%, but precious metals pull back from recent big gains, with gold down 1% and silver down 5%.
Digital Asset Treasury ( DAT ) shares also don’t get a significant boost from Tuesday night’s announcement by MSCI that it won’t exclude Strategy ( MSTR ) from its indexes for now. While Strategy is an outperformer with a gain of 1%, most of the rest of the sector is lower, with Bitmine Immersion (BMNR) down 6%, Sharplink Gaming (SBET) down 2% and XXI (XXI) down 5%.
On the weekly time frame, the MSTR to iShares Bitcoin Trust (IBIT) ratio has bounced off the 3 level for the second week in a row and is currently trading around 3.11. In March 2024, the ratio held 3 as support before rising to a high of 9.5 in November 2024, coinciding with the MSTR reaching its all-time high. The Bulls will be watching closely to see if the 3 level continues to act as support.
