S&P 500’s longest weekly winning streak since 2023 and Brent oil settling near $92 on hopes of US-Iran ceasefire have failed to drag bitcoin and ether (ETH) higher, with the two largest cryptocurrencies ending the week down nearly 3% as cooling bitcoin ETF inflows compounded the pullback.
The S&P 500 posted its ninth straight weekly gain on Friday, the longest such run since 2023 and a streak matched only a handful of times in the past four decades, boosting the index nearly 20% from its March low.
Brent crude fell to around $92 a barrel. barrel, and Treasuries rose on the week, paring some of their war-driven losses.
The macroeconomic tailwind has come on hopes that the US and Iran will sign a 60-day ceasefire extension. President Donald Trump said Friday he was ready to make a “final decision” on an interim deal, but reiterated his demand that any deal require Iran to abandon its nuclear program, surrender its enriched uranium and open the Strait of Hormuz.
Crypto did not move with the tape. Bitcoin fell 2.6% over the past seven days to $73,445, ether 2.5% to $2,011, solana (SOL) 2.2% to $82.42 and TRON’s TRX 5.6%, its worst weekly decline in the top 10, according to CoinDesk data.
finished fairly flat. The slide came alongside softer bitcoin ETF inflows, which this week were flagged as contributing to the downward pressure even as macro conditions improved.
The exception was the smaller side of the leaderboard. Hyperliquid’s HYPE token rose 19.4% on the week to $65 as sentiment for the asset continues to grow. Intercontinental Exchange chief Jeffrey Sprecher praised the decentralized perpetuals venue at a Bernstein conference, calling it “bigger than NASDAQ.” BNB closed up 1.9% and XRP posted a weekly gain of 0.7%.
The Iran deal still needs Trump’s signature, and the red lines he reiterated on Friday are far beyond what Iran has indicated it would accept publicly. The macro rally is one bad headline away from reversing.
