The S&P 500’s longest weekly winning streak since 2023 and Brent crude hovering near $92 on hopes for a U.S.-Iran ceasefire failed to take down bitcoin and ether (ETH) higher, with the two largest cryptocurrencies ending the week down nearly 3%, as cooling Bitcoin ETF inflows reinforced the pullback.
The S&P 500 posted its ninth consecutive weekly gain on Friday, the longest such stretch since 2023 and a streak that has only been matched a few times in the past four decades, sending the index up nearly 20% from its March lows.
Brent crude stabilized around $92 a barrel and Treasury bonds rose over the week, reducing some of their war-related losses.
The macro level tailwind came from hopes that the United States and Iran would sign 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 agreement require Iran to abandon its nuclear program, return its enriched uranium and open the Strait of Hormuz.
Crypto didn’t move with the gang. Bitcoin slipped 2.6% over the past seven days to $73,445, ether 2.5% to $2,011, solana (SOL) 2.2% to $82.42 and TRON’s TRX 5.6%, its worst weekly decline in the top 10, according to CoinDesk data.
finished almost flat. The decline was accompanied by a slowdown in spot bitcoin ETF inflows, which were reported this week as adding to downward pressure even as macroeconomic conditions improved.
The exception was the smaller side of the leaderboard. Hyperliquid’s HYPE token rose 19.4% for the week to $65 as sentiment for the asset continues to grow. Intercontinental Exchange chief Jeffrey Sprecher praised the decentralized venue of perpetuals at a Bernstein conference and called it “bigger than NASDAQ.” BNB closed up 1.9% and XRP made a weekly gain of 0.7%.
The Iran deal still needs Trump’s signature, and the red lines he reaffirmed Friday go well beyond what Iran has publicly indicated it would accept. The macroeconomic rally is one of the bad headlines of a reversal.
