The S&P 500 has achieved its longest weekly winning streak since 2023, marking nine consecutive gains, a feat accomplished only a handful of times in the past 40 years. As a result, the index has surged nearly 20% from its lows in March. Meanwhile, Brent crude oil prices have settled close to $92 per barrel amid optimistic prospects for a ceasefire agreement between the U.S. and Iran. The potential for a 60-day ceasefire extension has buoyed market sentiment, though concerns remain regarding President Donald Trump’s stipulations for any agreement.
Despite the positive macroeconomic backdrop, the cryptocurrency market has not mirrored these gains. Bitcoin’s price has dipped by 2.6% over the past week, landing at approximately $73,445. Ether has also faced a decline of 2.5%, dropping to $2,011. Other notable cryptocurrencies like Solana and TRON saw similar downturns, with Solana down 2.2% and TRON experiencing a significant drop of 5.6%, marking the worst weekly performance among the top ten cryptocurrencies. In contrast, DOGE finished the week relatively flat.
This downward movement in the crypto sector can be attributed to the cooling of spot Bitcoin ETF inflows, which have contributed to the overall bearish sentiment despite strengthening macro conditions. However, there has been some positive activity on the smaller end of the market. Hyperliquid’s HYPE token recorded a remarkable 19.4% increase in value, reflecting growing investor confidence. Intercontinental Exchange CEO Jeffrey Sprecher has praised the decentralized perpetuals venue, likening its significance to that of NASDAQ.
Though Brent crude’s settlement and the positive momentum in the S&P 500 indicate an upward trend in traditional markets, the crypto realm remains cautious. The potential U.S.-Iran deal needs Trump’s endorsement, and the conditions he reiterated seem unlikely to align with Iran’s public statements regarding the agreement. As such, the macro rally is precarious and could easily reverse with any adverse developments or headlines.
