The S&P 500 index extended its winning streak to a ninth consecutive week, marking its longest run of weekly gains since 2023. Since hitting a low in March, the index has climbed nearly 20 percent. Despite this upbeat performance across equities, leading cryptocurrencies failed to mirror the momentum.
Traditional markets up, crypto lags behind
In the energy sector, Brent crude oil rose to around $92 per barrel, buoyed by hopes for an extended 60-day ceasefire between the US and Iran. Meanwhile, the bond market partially recovered recent losses as concerns over possible conflict spurred renewed demand. Overall, these movements underscored improved appetite for risk across global markets.
Former US President Donald Trump announced Friday that he is ready to make a final decision regarding renewal of talks with Iran. He reiterated his conditions for any potential agreement: Iran’s full abandonment of its nuclear program, surrender of enriched uranium, and opening of the Strait of Hormuz.
Cryptocurrencies, however, failed to keep up with the positive sentiment. CoinDesk data show that bitcoin fell 2.6 percent over the week to $73,445. Ether eased by 2.5 percent to $2,011. Solana lost 2.2 percent to $82.42, while TRON’s TRX plunged 5.6 percent, the biggest drop among the week’s top ten digital assets.
Demand for spot bitcoin ETFs slowed this week, adding further pressure on cryptocurrency prices. Despite buoyant sentiment in conventional markets and supportive macro developments, most crypto assets closed the week flat or in negative territory.
HYPE token emerges as the week’s top gainer
While large-cap cryptocurrencies recorded notable declines, the lesser-known HYPE token drew attention for its breakout. Riding a surge in investor interest, the digital asset offered by the Hyperliquid exchange soared 19.4 percent during the week, reaching $65. At a Bernstein conference, Intercontinental Exchange executive Jeffrey Sprecher praised the Hyperliquid platform, even describing it as “bigger than NASDAQ.”
Elsewhere, BNB ended the week up 1.9 percent, while XRP also managed a 0.7 percent weekly gain, both outperforming broader market trends with their independent movements.
Mini glossary: Hyperliquid is a decentralized crypto derivatives exchange. HYPE is its governance and incentive token; rewards are distributed based on users’ trading volume and participation on the platform.
Iran negotiations stir uncertainty for markets
A degree of uncertainty remains, as Trump has yet to put his signature on any ceasefire deal. The preconditions set by the US for Iran are far more demanding than prior proposals, prompting caution in the markets. This has left the recent wave of gains vulnerable to a change in sentiment.
| Asset | Weekly change | End-of-week price |
|---|---|---|
| Bitcoin | -2.6% | $73,445 |
| Ether | -2.5% | $2,011 |
| Solana | -2.2% | $82.42 |
| TRON (TRX) | -5.6% | Unknown |
| BNB | +1.9% | Unknown |
| XRP | +0.7% | Unknown |
| HYPE | +19.4% | $65 |
While stocks have maintained an impressive upward momentum, cryptocurrencies endured a notably weaker week across the board. Questions remain as to whether crypto assets can regain traction if classical markets continue performing.
Some analysts highlight that crypto’s recent stagnation may be linked to a broader shift in investor focus back toward traditional markets, especially as ETFs become less active drivers of demand for digital assets like bitcoin.
The performance divergence between stocks and digital assets could signal changing risk preferences or possibly a recalibration within global financial flows.
Looking ahead, traders will be watching for new developments in US-Iran relations and ETF inflows, as both are likely to influence sentiment in the cryptocurrency sector during upcoming sessions.
This week reinforced the volatility and independence of the cryptocurrency sector, reminding market participants that digital assets often chart their own course, regardless of the prevailing climate in traditional finance.
