CoinDesk
The S&P 500 closed its ninth consecutive winning week on Friday, the longest such streak since 2023 and one matched only a handful of times in the past four decades, putting the index up almost 20% from its March lows. Bitcoin, ether and other large-cap tokens fell between 2% and 6% over the same week as spot Bitcoin ETF inflows cooled, with Brent crude hovering near $92 a barrel on hopes of a U.S.-Iran ceasefire extension.
The headline indices caught a bid from the prospect of a 60-day truce in the Middle East. Treasuries trimmed some of their war-driven losses, Brent settled around $92 and risk assets broadly rallied. President Donald Trump said Friday he was ready to make a "final determination" on a preliminary deal but restated that any agreement would require Iran to abandon its nuclear program, surrender its enriched uranium and open the Strait of Hormuz — red lines well beyond what Iran has publicly indicated it would accept.
Why it matters
Crypto's failure to follow equities higher is the kind of decoupling investors watch closely. Bitcoin slipped 2.6% over the past seven days to $73,445, ether 2.5% to $2,011, Solana 2.2% to $82.42, and TRON's TRX posted a 5.6% drop — its worst weekly performance in the top 10, according to CoinDesk data. Spot Bitcoin ETF demand, which had been the marginal buyer through much of the cycle, cooled into the rally, removing the structural bid that previously pulled the complex higher on broad risk-on days.
Market impact
The smaller side of the leaderboard did the opposite work. Hyperliquid's HYPE token ripped 19.4% on the week to $65, helped by a comment from Intercontinental Exchange chief Jeffrey Sprecher calling the decentralized perpetuals venue "bigger than NASDAQ" at a Bernstein conference. BNB closed up 1.9% and XRP eked out a 0.7% weekly gain. The divergence suggests the cooling is concentrated in the most institutionally-owned large-caps while idiosyncratic flows keep rotating through the mid-tier.
Frequently asked questions
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Why did crypto fall while the S&P 500 rallied for nine straight weeks?
Spot Bitcoin ETF demand cooled into the rally, removing the marginal institutional buyer that had previously pulled large-cap tokens higher on broad risk-on days. BTC, ETH, SOL and TRX fell 2-6% while the S&P 500 extended its longest weekly winning streak since 2023.
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How much did Bitcoin, ether and other large-caps drop this week?
Bitcoin slipped 2.6% to $73,445, ether 2.5% to $2,011, Solana 2.2% to $82.42, and TRON's TRX was the worst performer in the top 10 at -5.6%, according to CoinDesk data.
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Which tokens did rally during the crypto lag?
Hyperliquid's HYPE surged 19.4% on the week to $65 after Intercontinental Exchange CEO Jeffrey Sprecher called the venue "bigger than NASDAQ" at a Bernstein conference. BNB gained 1.9% and XRP rose 0.7%.
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What is driving the macro rally that crypto is missing?
Hopes for a 60-day U.S.-Iran ceasefire extension lifted Brent crude near $92 a barrel, pushed the S&P 500 to a ninth straight weekly gain and trimmed war-driven losses on Treasuries. Brent settled around $92.
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Why is the macro rally described as fragile?
The rally depends on a deal Trump said he was ready to make a "final determination" on Friday, but his stated conditions — Iran abandoning its nuclear program, surrendering enriched uranium and opening the Strait of Hormuz — go beyond what Iran has publicly indicated it would accept.
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