S&P 500 rose while Bitcoin and ether finished the week with losses of nearly 3%

The S&P 500 index rose for the ninth consecutive week this week, reaching its longest weekly gain streak since 2023. The index has gained almost 20 percent since its bottom in March. Despite this positive picture in the stock markets, the same activity was not seen in the leading cryptocurrencies.

Cryptos retreat as global markets rise

In the oil market, Brent crude oil rose to approximately $92 per barrel, driven by hopes for a 60-day ceasefire extension between the United States and Iran. In the same period, it was seen that some losses were regained in the bond market, which was increased by war concerns. These developments generally supported risk appetite.

While former US President Donald Trump stated in his statement on Friday that he was ready to make a final decision, he repeated his demands in a possible agreement with Iran, such as abandoning the country’s nuclear program, giving up enriched uranium and opening the Strait of Hormuz.

Cryptocurrencies could not keep up with this positive atmosphere. According to CoinDesk data, bitcoin fell 2.6 percent in the last seven days to $73,445. Ether decreased by 2.5 percent to $2,011, faded by 2.2 percent to $82.42, and TRON’s cryptocurrency TRX became the top 10 assets that fell the most of the week with a loss of 5.6 percent.

While demand for spot bitcoin ETFs has slowed, this has put additional pressure on the retreat in cryptocurrencies. Despite optimism and supportive macro developments in traditional markets, crypto assets closed almost entirely flat or negative this week.

HYPE token was the surprise winner of the week

While weekly losses were highlighted in major cryptocurrencies, the little-known HYPE token stood out. hyperliquid This digital asset of the stock exchange rose 19.4 percent during the week, reaching $65, thanks to increased demand from investors. Intercontinental Exchange chief executive Jeffrey Sprecher praised the Hyperliquid platform at the Bernstein conference, calling it “bigger than NASDAQ.”

Apart from this, BNB closed the week with a 1.9 percent increase in value, while XRP also gained 0.7 percent. These two cryptocurrencies performed separately from the main market movements.

Mini glossary: ​​Hyperliquid is a cryptocurrency exchange that supports decentralized derivative transactions. HYPE is the governance and incentive token issued on this exchange; Rewards are distributed according to the trading volume and participation on the exchange.

Iran deal and its impact on markets

Uncertainty continues as Trump has not yet signed the ceasefire process. The conditions put forward by the US side seem to be much more challenging than what Iran has announced so far. Therefore, the current bullish momentum remains fragile.