Bitcoin, Ether Lag S&P 500's Nine-Week Rally as Spot ETF Demand Cools
In brief
- S&P 500 posts ninth consecutive weekly gain, longest run since 2023
- Bitcoin declines 2.6% to $73,445; ether falls 2.5% to $2,011
- Cooling spot bitcoin ETF inflows weigh on cryptocurrency market
- Hyperliquid HYPE token surges 19.4% to $65, outperforms major names
- Brent crude settles near $92 amid U.S.-Iran ceasefire talks
Crypto decouples from equities
Bitcoin slipped 2.6% over the past seven days to $73,445, while ether declined 2.5% to $2,011. The divergence underscores a widening gap between traditional equities and digital assets. Cooling spot bitcoin ETF inflows reinforced the pullback in cryptocurrency prices. Solana and TRON fared worse — Solana declined 2.2% to $82.42, while TRON's TRX dropped 5.6%, its worst weekly drop in the top 10.
Dogecoin finished roughly flat for the week. XRP eked out a 0.7% weekly gain, and BNB closed up 1.9% for the week. The muted performance across major names masked a standout performer.
HYPE rallies on decentralized venue praise
Hyperliquid's HYPE token gained 19.4% on the week to $65, the only major cryptocurrency to post meaningful gains. The rally followed Intercontinental Exchange chief Jeffrey Sprecher's praise for the decentralized perpetuals venue at a Bernstein conference. The endorsement from a major institutional player signaled growing recognition of decentralized trading infrastructure.
Oil and geopolitics
Brent crude settled around $92 a barrel on the week as the U.S. and Iran negotiated a 60-day ceasefire extension. President Donald Trump said Friday he was ready to make a final determination on a preliminary agreement with Iran. Trump restated his demand that any deal require Iran to abandon its nuclear program, surrender its enriched uranium and open the Strait of Hormuz. Stabilization in crude prices reflected cautious optimism around the negotiations, though no final agreement has been reached.
