Stocks and commodities rallied this week on hopes of a U.S.-Iran ceasefire extension, but the biggest cryptocurrencies largely sat out the party — dragged down by cooling spot‑Bitcoin ETF inflows.
Macro snapshot
- The S&P 500 notched a ninth straight weekly gain, its longest run since 2023 and one of the rare streaks seen over the past four decades, leaving the index roughly 20% above March lows.
- Brent crude settled near $92 a barrel as traders priced in reduced Middle East risk. U.S. Treasuries also climbed, trimming some of their earlier war‑driven losses.
The Iran angle
- Markets cheered progress toward a 60‑day ceasefire extension between the U.S. and Iran. President Donald Trump said he was prepared to make a “final determination” on a preliminary agreement but reiterated tough conditions: Iran would have to abandon its nuclear program, surrender enriched uranium and open the Strait of Hormuz. The deal still requires his sign‑off, and those demands appear to exceed what Iran has publicly signaled it will accept — meaning the rally could reverse on a single negative headline.
Crypto performance
- Bitcoin slipped about 2.6% on the week to roughly $73,466, and ether fell about 2.5% to near $2,011. Other major tokens also softened: Solana (SOL) slid 2.2% to $82.42, while TRON’s TRX posted the worst weekly decline among the top 10, down about 5.6%. Dogecoin finished roughly flat at $0.1009.
- The decliners came even as macro conditions improved, with analysts and traders pointing to cooler spot‑Bitcoin ETF inflows as an additional drag on price momentum.
Notable outliers
- Smaller‑cap and niche tokens bucked the trend: Hyperliquid’s HYPE jumped 19.4% to $65 amid growing sentiment for the asset — a surge fueled in part by praise from Intercontinental Exchange CEO Jeffrey Sprecher, who told a Bernstein conference the decentralized perpetuals venue is “bigger than NASDAQ.” Binance’s BNB rose about 1.9%, and XRP eked out a 0.7% weekly gain.
Bottom line
Even with stocks, oil and bonds buoyed by hopes of de‑escalation in the Middle East, crypto’s rally faded this week as ETF inflows cooled and risk appetite shifted. The broader macro advance still depends on fragile diplomacy — and a single reversal in headlines could quickly flip market sentiment.
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