Bitcoin and major tokens slipped Wednesday as the total crypto market value fell 1.4% to $2.97 trillion, dropping back below the $3 trillion level after another failed attempt to sustain a rebound.

Bitcoin traded around $86,900, failing to sustain a break above $90,000 for the third time in as many days, while ether slid 1.5% to roughly $2,927. XRP, solana and dogecoin posted larger losses, with solana down nearly 3% and XRP off almost 2%.

The pullback came even as some stock indexes rallied to fresh records, reinforcing the sense that capital is leaning toward safety rather than high beta bets.

Global stocks hit another record as traders leaned into a strong US growth read that reinforced the case for firmer corporate earnings.

MSCI’s All Country World Index rose for a fifth straight session on Wednesday, lifting its year-to-date gain to 21%. Asian equities added 0.2%, led by technology shares after the S&P 500 closed at an all-time high on Tuesday.

Volumes were light ahead of the Christmas holiday, and futures pointed to a muted open in Europe.

Alex Kuptsikevich, chief market analyst at FxPro, said the market is showing signs of heavier seller control, with repeated rebounds failing to carry through.

“The market was unable to repeat the robust rebound from the local bottom, indicating increased pressure from sellers,” Kuptsikevich said in an email. He added that as crypto stays far from recent highs, larger players increasingly behave as if the market is shifting into a bear phase, preferring measured selling rather than sharp retail driven moves.

Kuptsikevich also pointed to the broader risk backdrop. Bitcoin was sold again after briefly pushing above $90,000 earlier this week, despite a decisive rally in gold and other precious metals and a weakening dollar.

That combination, he said, suggests investors are reassessing risk appetite and that the risk off move may spread further.

“In the coming weeks, we can expect an even more pronounced decline in cryptocurrencies, as well as the spread of risk aversion to stocks and currencies of developing countries,” he said.

Flows data also shows investors stepping back.

CoinShares said global investment products saw $952 million in outflows last week, ending a three week streak of inflows. Bitcoin products saw $460 million in outflows, while ethereum funds shed $555 million. XRP and Solana funds were the exceptions, with inflows of $63 million and $49 million, respectively.