ETH, SOL, ADA Slide as Bitcoin Weakness Persists Despite Record Stock Rally:

Major cryptos dipped on Wednesday as it became evident that Bitcoin could not begin a sustained rally despite equities rising to a record high. The overall market value of cryptos decreased by 1.4%, settling below $3 trillion once again as the failed rally attempt continues to weigh on market sentiment, sliding to $2.97 trillion.

Bitcoin was trading around 86,900, marking the third successive rejection at the $90,000 level. The price of ether declined by 1.5% to trade around 2,927, while solana led the large-cap coins lower with a decrease of near 3%. XRP and dogecoin were also down.

The pullback was in contrast to strong performance in traditional markets. Global stocks continued to rise, as MSCI's All Country World Index rose for a fifth consecutive day and increased its year-to-date performance to 21%. Asian stocks rose, led by technology stocks following the close of S&P 500 stocks at a record high.

Market participants cited growing risk aversion. According to Alex Kuptsikevich, chief market analyst for FxPro, the series of unsuccessful rebound attempts indicates that sellers are in control of the market, and larger market participants are increasingly behaving as if the market is moving into a bear market. There are signs of measured distribution rather than scopful sales.

satellite data shows this too is correct. Last week, CoinShares has reported $952 million in net crypto investment product outflows, thus halting three weeks of growth. Bitcoin products lost $460 million, with $555 million also flowing out of ethereum products. However, XRP and solana funds were an exception with small inflows.

Given the fact that bitcoin is still trading well below market highs and the preference for less-risky alternatives such as gold during a depreciating US dollar, analysts warn of the possibility of risk-off markets extending into the forthcoming weeks.

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