Bitcoin slipped slightly on Wednesday, approaching $87,000 after another failed attempt to recoup its losses above $90,000.
Bitcoin edged lower toward the $87,000 level on Wednesday after another failed attempt to reclaim ground above $90,000, as thin year-end trading conditions and continued outflows from U.S.-listed spot exchange-traded funds weighed on sentiment.
The world’s largest cryptocurrency last traded 0.7% lower at $86,966.6 by 02:19 ET (07:19 GMT).
Bitcoin pressured by ETF outflows
Bitcoin struggled to find momentum in early Asian trade, extending a pattern of muted price action seen over recent sessions.
The lack of follow-through reflected subdued liquidity ahead of the Christmas holidays, with many market participants stepping back after Bitcoin was repeatedly rejected near the closely watched $90,000 resistance level.
Adding to the pressure were sustained ETF outflows. Data from crypto analytics firm SoSoValue showed that U.S. spot Bitcoin ETFs recorded net outflows of nearly $500 million last week, signaling waning institutional demand after strong inflows earlier in the year.
Fed cut bets firm despite strong US Q3 GDP
The broader market backdrop was mixed for Bitcoin. U.S. equities surged overnight, with the S&P 500 rising to a record closing high on strong gains in technology stocks and data showing the U.S. economy expanded at a robust 4.3% annualized rate in the third quarter.
At the same time, traditional safe havens outperformed, with gold and silver climbing to record peaks as investors sought protection amid geopolitical uncertainty and expectations of easier monetary policy.
Bitcoin, often touted as a hedge against inflation and financial instability, failed to benefit from the rally in either equities or precious metals.
Still, expectations for U.S. monetary easing remained broadly supportive. Despite the strong GDP data, markets continued to price in Federal Reserve interest rate cuts in 2026, betting that inflation pressures will continue to ease over the medium term.
Lower interest rates typically support risk assets by reducing the opportunity cost of holding non-yielding investments. Earlier this year, Bitcoin had surged on Fed easing hopes.
Crypto price today: altcoins extend subdued moves
Most altcoins traded slightly lower, extending their muted action in recent sessions.
World no.2 crypto Ethereum fell 1% to $2,934.92.
World no. 3 crypto XRP declined 1.6% to $1.85.
Solana and Cardano slipped 2% each, and Polygon fell 1%.
Among meme tokens, Dogecoin lost 2.3%. While $TRUMP slid 1%.