Major cryptocurrencies, including Bitcoin, ether, XRP, and dogecoin, have not kept pace with a nine-week rally in U.S. stocks as demand for ETFs wanes. The S&P 500 has achieved its longest winning streak since 2023, while Brent oil prices have stabilized near $92 amid expectations of a U.S.-Iran ceasefire. Despite the positive macroeconomic indicators, the leading cryptocurrencies have experienced declines, with Hyperliquid’s HYPE being the sole major token to gain traction.
Key points to consider:
— U.S. equities and oil prices surged, with the S&P 500 recording its ninth consecutive weekly gain and Brent crude oil remaining close to $92 a barrel, fueled by hopes of an extended ceasefire between the U.S. and Iran.
— However, significant cryptocurrencies lagged behind the stock market rally, as Bitcoin, ether, and other large-cap tokens experienced declines of approximately 2% to 6% due to reduced inflows into spot Bitcoin ETFs.
— In contrast, smaller cryptocurrencies showed positive movement, with Hyperliquid’s HYPE token soaring nearly 20% and BNB and XRP achieving modest increases, even as the overall macro rally remains susceptible to potential setbacks in negotiations over the Iran deal.
The S&P 500’s impressive streak, the longest since 2023, has not managed to uplift Bitcoin prices. On Friday, the S&P 500 marked its ninth consecutive weekly gain, a streak that has only been matched a few times in the last forty years, bringing the index nearly 20% higher from its March lows.
Brent crude settled at approximately $92 per barrel, and Treasury yields increased throughout the week, recovering some losses attributed to geopolitical tensions.
The macroeconomic boost has been driven by optimism that the U.S. and Iran will agree to a 60-day extension of a ceasefire. President Donald Trump indicated on Friday that he was prepared to make a «final determination» regarding a preliminary agreement but reiterated his demand that any agreement necessitate Iran’s abandonment of its nuclear ambitions, surrender of enriched uranium, and access to the Strait of Hormuz.
In the cryptocurrency space, Bitcoin fell by 2.6% over the past week to $73,445, while ether decreased by 2.5% to $2,011. Solana (SOL) declined by 2.2% to $82.42, and TRON’s TRX saw a 5.6% drop, marking its worst weekly performance among the top ten cryptocurrencies, according to Decryptnews data.
The exception among the smaller tokens was Hyperliquid’s HYPE, which surged 19.4% over the week to reach $65 as investor sentiment grows. Jeffrey Sprecher, CEO of Intercontinental Exchange, praised the decentralized perpetuals platform at a Bernstein conference, referring to it as «bigger than NASDAQ.» BNB finished the week up 1.9%, and XRP managed a slight gain of 0.7%.
The Iran deal is still pending Trump’s approval, and the conditions he reiterated on Friday exceed what Iran has publicly indicated it would accept. The macro rally remains one negative headline away from reversal.