Bitwise said Bitcoin often reacts first to tightening liquidity, describing BTC as a “canary in the macro coal mine” as broader risk assets show strain. BTC fell 1.2% on the day and faced another potential retest of $60,000 support, while Glassnode data showed XRP’s 90-day average network fees down 91.5% to 500 XRP from 5,900 XRP. Separately, Ether futures open interest on Binance reached a record 3.7 million ETH even as ETH remained down 44% in 2026.

Bitcoin traded near two-month lows on Wednesday after touching $65,362 on Bitstamp, while traders warned that key long-term support near the 50-month EMA could fail. Sentiment also weakened, with the Crypto Fear & Greed Index dropping to 11/100 on Wednesday. Separately, Standard Chartered reiterated an Ether target of $4,000 by end-2026 despite ETH trading under $2,000 after falling about 57% from its August 2025 peak above $4,800.