The S&P 500 notched its ninth consecutive weekly gain, marking the longest winning streak since 2023, yet crypto markets bucked the trend. Brent crude settled near $92 a barrel and Treasuries climbed as hopes grew for a U.S.-Iran ceasefire extension. President Trump stated Friday he was ready to make a "final determination" on a preliminary deal but insisted Iran abandon its nuclear program, surrender enriched uranium, and open the Strait of Hormuz.
Despite this supportive macro backdrop, bitcoin fell 2.6% over the past seven days to $73,445, and ether slid 2.5% to $2,011. The downturn was fueled by cooling spot bitcoin ETF inflows, which added downward pressure as equities rallied. Solana lost 2.2%, TRON’s TRX dropped 5.6%, and dogecoin finished roughly flat. In contrast, Hyperliquid’s HYPE token surged 19.4% to $65 after Intercontinental Exchange chief Jeffrey Sprecher praised the decentralized perpetuals venue at a Bernstein conference, calling it “bigger than NASDAQ.” BNB rose 1.9% and XRP eked out a 0.7% gain.
The Iran ceasefire deal still hinges on Trump’s signature, and his stated red lines go beyond what Iran has publicly indicated it would accept, leaving the macro rally vulnerable to reversal.
