Bitcoin And most other digital assets were down in U.S. trading on Wednesday, extending overnight losses. At press time, Bitcoin was down 3% over the past 24 hours at $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 more than 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 selloff led the Nasdaq up 0.5%, but precious metals retreated from recent big gains, with gold down 1% and silver falling 5%.
Digital Asset Treasury (DAT) shares are also not getting much of a boost from MSCI’s announcement on Tuesday evening that it will not be excluding the strategy (MSTR) from its index for now. While the strategy is the outperformer with a 1% gain, most of the rest of the sectors are lower, with Bitmain Immersion (BMNR) down 6%, Sharplink Gaming (SBET) down 2% and XXI (XXI) down 5%.
On the weekly time frame, the ratio of MSTR to iShares Bitcoin Trust (IBIT) has bounced off the 3-level for the second consecutive week and is currently trading around 3.11. In March 2024, the ratio held 3 as support before reaching a peak of 9.5 in November 2024, coinciding with MSTR reaching its all-time high. Bulls will keep a close eye to see if the 3-level continues to act as support.
