Crypto majors slide amid Hong Kong stock losses, weak BTC accumulation, and rising recession fearsBitcoin and major altcoins dropped sharply in Wednesday's Asian trading session, led by Cardano’s ADA, which fell over 5%, and Bitcoin (BTC), which slipped below $84,000. The pullback followed Tuesday's rally and came amid profit-taking, weak accumulation trends, and broader macroeconomic concerns.ADA, ETH, and BTC Fall as Investors Take ProfitsThe global crypto market capitalization dropped 3.3% in the past 24 hours, reflecting broad-based risk aversion. Bitcoin (BTC) declined to around $83,500 from a Tuesday high above $84,200, while Ether (ETH) and Cardano (ADA) posted losses of up to 5%, leading the downside among top cryptocurrencies.The sell-off coincided with a 2.9% drop in Hong Kong-listed Chinese stocks, despite China's stronger-than-expected 5.4% GDP growth in Q1, adding pressure on global markets.XRP Slides Despite ProShares ETF AmendmentXRP also saw continued downside, with technical indicators pointing toward a potential plunge, despite positive ETF developments. On Tuesday, ProShares amended its filing for a U.S.-based spot XRP ETF, targeting an official launch date of April 30. The update reflects growing institutional interest, but investor sentiment remains cautious.On-Chain Data Shows Weak BTC AccumulationAccording to CryptoQuant, large investor selling has slowed significantly, dropping from a February peak of 800,000 BTC/day to 300,000 BTC/day. However, accumulation remains weak, with whale holdings declining by 30,000 BTC over the past week.“The monthly accumulation rate dropped to just 0.5%, its slowest pace since February,” CryptoQuant analysts noted.Recession Fears, Tariff Pressures Add to Risk-Off MoodMacro uncertainty continues to weigh on risk assets, including crypto. James Toledano, COO of Unity Wallet, warned that U.S. recession risks are intensifying, with growth forecasts falling as low as 0.1%.“Bitcoin’s appeal as a decentralized asset strengthens in volatile markets,” Toledano said. “While Trump’s policies increase macro uncertainty, they may also be unintentionally fueling Bitcoin’s rise.”However, the market remains fragile, with rising tariffs and geopolitical tensions adding to volatility.
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