The S&P 500’s longest weekly winning streak since 2023 and Brent crude near $92 on hopes of a US-Iran ceasefire have failed to attract bitcoin and ether (ETH) rose, with the two largest cryptocurrencies ending the week down nearly 3% as bitcoin ETF inflows to the cooling point reinforced the pullback.
The S&P 500 posted its ninth consecutive weekly gain on Friday, the longest streak since 2023 and a streak matched only a handful of times in the past four decades, sending the index up nearly 20% from its March lows.
Brent crude settled at around $92 a barrel and Treasuries rose during the week, paring some of their war-induced losses.
The macroeconomic tailwind is driven by hopes that the United States and Iran will approve a 60-day ceasefire extension. President Donald Trump said Friday he was ready to make a “final determination” on a preliminary deal, but reiterated his demand that any deal require Iran to abandon its nuclear program, hand over its enriched uranium and open the Strait of Hormuz.
Crypto didn’t move with the tape. Bitcoin fell 2.6% over the past seven days to $73,445, ether fell 2.5% to $2,011, solana (SOL) fell 2.2% to $82.42, and TRON’s TRX fell 5.6%, its worst weekly drop in the top 10, according to data from CoinDesk.
finished approximately flat. The drop came alongside weaker bitcoin ETF inflows, which were pointed to this week as a factor in downward pressure even as macroeconomic conditions improved.
The exception was the smaller side of the classification. Hyperliquid’s HYPE token is up 19.4% on the week to $65 as sentiment for the asset continues to grow. Intercontinental Exchange chief Jeffrey Sprecher praised the decentralized perpetual headquarters at a Bernstein conference, calling it “bigger than NASDAQ.” BNB closed up 1.9% and XRP posted a 0.7% weekly gain.
The Iran deal still needs Trump’s signature, and the red lines he reiterated on Friday go far beyond what Iran has indicated it would publicly accept. The macro rally is one bad headline away from reversing.
