16-4-2025 – Digital asset markets experienced a notable correction on Wednesday morning in Asia, following Tuesday’s upward momentum. The flagship cryptocurrency Bitcoin retreated to $83,500, marking a more than 3% decline from its previous day’s peak of $84,200.
The broader digital currency sphere mirrored this downturn, with the total market value dropping 3.3% over 24 hours. Ethereum and Cardano emerged as the most affected amongst prominent tokens, each shedding approximately 5% of their value.
Whilst XRP displayed consistent downward movement, the token received a boost from ProShares’ revised spot ETF filing, targeting a late April launch in the American market.
Analysis from CryptoQuant reveals an intriguing shift in large-scale Bitcoin transactions. Daily selling volumes from institutional investors have significantly decreased, falling from 800,000 BTC in February’s latter half to roughly 300,000 BTC. However, accumulation patterns remain subdued, with substantial holders reducing their positions by 30,000 BTC in the past week.
The cryptocurrency market’s movement coincided with broader economic uncertainties, particularly in Asian markets. Despite China reporting 5.4% growth in Q1, Hong Kong-listed Chinese equities witnessed a decline approaching 3%.
Unity Wallet’s James Toledano offered perspective on the current market dynamics: “Bitcoin’s appeal as a decentralised asset continues to strengthen amidst traditional market turbulence. Whilst Trump’s policies have introduced considerable macroeconomic uncertainty, they may ironically be contributing to Bitcoin’s recent performance, though risks remain elevated across all sectors.”
The mounting concerns regarding a potential American recession have prompted financial institutions to substantially revise their growth forecasts, with projections now ranging between 0.1% and 1%.
