Headline: Crypto trails a nine-week stock rally as spot-Bitcoin ETF demand cools
Despite a strong risk-on backdrop — the S&P 500 notched its ninth straight weekly gain (its longest run since 2023) and Brent crude held near $92 on hopes of a U.S.-Iran ceasefire extension — major cryptocurrencies finished the week lower as investor appetite for spot-Bitcoin ETFs softened.
Market context
- The S&P 500’s winning streak has pushed the index nearly 20% above its March lows, a run seen only a few times in the past four decades. Treasuries also climbed on the week, trimming some of their earlier war-driven losses.
- The market optimism stems from reports the U.S. and Iran are close to agreeing a 60-day ceasefire extension. President Donald Trump said he was ready to make a “final determination” on a preliminary deal but reiterated strict conditions — including Iran abandoning its enriched uranium and opening the Strait of Hormuz — that Tehran has not publicly accepted. That makes the macro rally vulnerable to reversal on any negative headline.
Crypto performance
- Bitcoin slipped about 2.6% over the week to roughly $73.5k, and ether fell about 2.5% to $2,011, according to CoinDesk data — both down nearly 3% on the week.
- Other large-cap moves: solana (SOL) eased 2.2% to $82.42, TRON’s TRX dropped 5.6% (its worst weekly decline among the top 10 tokens), while dogecoin (DOGE) finished roughly flat at $0.1009.
- Cooling inflows into spot-Bitcoin ETFs were highlighted this week as a contributing factor to crypto’s pullback, offsetting the otherwise supportive macro picture.
Notable winners
- On the smaller-cap side, Hyperliquid’s HYPE token surged 19.4% to $65 after Intercontinental Exchange CEO Jeffrey Sprecher praised the decentralized perpetuals venue at a Bernstein conference, calling it “bigger than NASDAQ.”
- Binance Coin (BNB) rose 1.9% and XRP eked out a 0.7% weekly gain.
Bottom line
Macro forces delivered a clear tailwind for traditional markets, but crypto failed to ride the same wave as ETF demand cooled. With the U.S.-Iran deal still pending Trump’s signature and his stated demands appearing beyond what Iran has signaled publicly, the broader rally — and crypto’s fragile bounce — could be undone by a single adverse headline.
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