The S&P 500 recorded its longest weekly winning streak since 2023, rising for nine consecutive weeks, while Brent crude settled near $92 a barrel on expectations of a U.S.-Iran ceasefire extension. Bitcoin and Ether failed to ride the macro wave, each losing roughly 3% this week as spot Bitcoin ETF demand weakened, reinforcing downside pressure.
S&P 500 Rallies for Ninth Week on Ceasefire Hopes
The benchmark index has climbed nearly 20% from its March low, a rare multi-week run seen only a few times in the past 40 years. Ten-year Treasuries also rose this week, recouping some conflict-driven losses. The macro tailwind stems from expectations that the U.S. and Iran will agree to a 60-day ceasefire extension. President Trump said Friday he is ready to make a 'final decision' on a preliminary deal but reiterated his stance that Iran must abandon its nuclear program, return enriched uranium and open the Strait of Hormuz—conditions far beyond what Tehran has signaled it will accept. Any negative headline could reverse the rally.
Bitcoin, Ether Underperform as ETF Inflows Slow
Cryptocurrencies diverged from broader markets. Bitcoin fell 2.6% over the past seven days to $73,445, Ethereum dropped 2.5% to $2,011, and Solana declined 2.2% to $82.42. TRON's TRX was the worst performer among the top 10 digital assets, sliding 5.6%. Dogecoin remained roughly flat. The declines coincided with noticeably slower spot Bitcoin ETF inflows, which added downward pressure even as macro conditions improved.
HYPE Jumps 19.4%, BNB and XRP Edge Higher
Outperformance came from smaller-cap tokens. Hyperliquid's HYPE token surged 19.4% week-over-week to $65, with bullish sentiment continuing to spread. Intercontinental Exchange CEO Jeffrey Sprecher praised the decentralized perpetuals exchange as 'bigger than Nasdaq' at a Bernstein conference. BNB added 1.9%, while XRP posted a modest 0.7% gain. The Iran agreement still requires Trump's signature, and his conditions far exceed what Iran has publicly accepted, leaving the macro rally vulnerable to a sudden reversal.