Leading cryptocurrencies were muted on Wednesday even as negative GDP growth stoked recession concerns.

What Happened: Bitcoin tumbled below $92,000 in the early trading hours on first-quarter GDP contraction but eventually recovered to the mid-$94,000s by evening.

Ethereum followed a similar pattern, reversing early losses with the evening push.

Bitcoin was set to end April with gains of over 14%, a marked reversal from the 14% decline in the same period last year. Ethereum, on the other hand, dipped 1.22% in April.

About $343 million was liquidated from the cryptocurrency market in the last 24 hours, with long liquidations accounting for over $211 million

Bitcoin’s Open Interest fell 0.69% in the last 24 hours, although April saw a healthy 18% jump in money invested in its derivatives. Meanwhile, more than 50% of Binance traders with open BTC positions were bearish on the asset.

The market sentiment flipped from "Greed" to "Neutral," according to the Crypto Fear and Greed Index.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $2.95 trillion, following a modest drop of 0.27% in the last 24 hours.

Major stock averages ended in the green on Wednesday. The Dow Jones Industrial Average gained 141.74 points, or 0.35%, to end at 40,669.36. The S&P 500 added 0.15% to close at 5,569.06. The tech-heavy Nasdaq Composite was the outlier, closing 0.09% lower at 17,446.34.

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Wall Street saw volatility on Wednesday after first-quarter GDP contracted by 0.3%, fueling fears of a recession. Moreover, private employers added 62,000 jobs in April, the lowest since July 2024 and well below predictions of 108,000

See More: Best Cryptocurrency Scanners

Analyst Notes: Blockchain analytics firm CryptoQuant highlighted the new all-time high in Bitcoin's realized capitalization, at over $880 billion.

"Historically, large accumulations of realized capitalization have been mostly followed by considerable price increases in Bitcoin," CryptoQuant stated. It added that the price could see an "explosion" if the accumulations continue.

Realized capitalization measures the total acquisition cost of all coins in circulation, as opposed to the market capitalization, which uses the current price.

Cryptocurrency analyst and trader Ali Martinez identified $95,870 as a significant level for Bitcoin, with a breach potentially sparking a run to new all-time highs.

"If Bitcoin breaks and holds above $95,870, the next key target, based on the MVRV Pricing Bands, is $114,230," Martinez projected.

MVRV, a shorthand for Market Value to Realized Value, is a ratio used to assess the value of a cryptocurrency by comparing its current market value to its realized value.

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