A record 10-session streak, a streak of $2.97 billion outflows from spot bitcoin ETFs, and a fresh rally in oil prices as U.S.-Iran ceasefire talks stalled have kept bitcoin and the broader crypto market under pressure even as Wall Street’s AI trading propelled global stocks to new records in Asian trading on Monday.
The MSCI All Country World Index gained 0.2% on Monday and Asian stocks advanced 1.1% to a record high, and major technology indices in South Korea, Taiwan and Japan set records, Bloomberg reported.
Nasdaq 100 futures rose 0.6% after Nvidia said it would enter the Windows laptop market in direct competition with Intel and AMD, and SoftBank Group jumped as much as 11% in its stakes in OpenAI and Arm, putting the Japanese conglomerate on track to become the country’s most valuable public company.
The environment was complicated by oil. Brent crude rose above $93 a barrel as efforts to reopen the Strait of Hormuz showed little progress and tensions in the Middle East remained high, sending Treasuries lower across the curve.
Cryptocurrencies failed to follow the rally in stocks. Bitcoin fell 4.6% in the last seven days to $73,397, ether (ETH) lost the same 4.6% to $1,996, solana (SOL) fell 3.7% to $81.89, and TRON’s TRX lost 3.7%, according to data from CoinDesk. fell 1.6%.
U.S. spot bitcoin ETFs recorded a 10th consecutive day of outflows on Friday, with $2.97 billion drained between May 15 and 29, according to data from SoSoValue. The streak broke the previous record of eight consecutive outflow sessions set in early 2025, and was led by a single-day outflow of $733 million on May 27, the largest since January.
Total net assets of US spot bitcoin ETFs fell from $104.29 billion on May 15 to $94.17 billion on Friday. Ether ETFs are having an even longer 14-session outflow streak, with roughly $2.6 billion drained of net assets in the same window.
Hyperliquid’s HYPE was the only outlier in the top 10 by market value.
The token gained 18.7% over the past seven days to $73.17 and the US HYPE Spot ETF, which launched on May 12, has seen inflows in every trading session since then, pushing cumulative net assets above $122 million as of Friday.
Crude’s rebound above $93 and the stalled Iran deal mean that the macro boost that cryptocurrencies were waiting for will obviously no longer arrive. The ETF flows that fueled last year’s rally have gone the other way for ten consecutive sessions.
