Cryptocurrency Decouples from US Stocks: S&P 500 Hits New High with Nine Weeks of Gains, While Bitcoin and Ethereum See Continued Weekly Declines

May 30: Fueled by optimistic expectations of a potential U.S.-Iran ceasefire extension, U.S. stocks and oil markets rallied this week. The S&P 500 notched its ninth straight weekly gain, marking the longest weekly winning streak since 2023, while Brent crude held steady around $92 a barrel. Crypto markets, however, failed to track broader risk asset gains. Bitcoin dipped 2.6% to $73,445 over the past week, Ethereum dropped 2.5% to $2,011, Solana fell 2.2%, and TRX plummeted 5.6%—making it one of the weakest-performing top-10 tokens by market capitalization. Analysts cite cooling inflows into spot Bitcoin ETFs as a key headwind pressuring Bitcoin’s price. By contrast, some small and mid-cap tokens stood out. Hyperliquid’s native token HYPE surged 19.4% to roughly $65 this week, emerging as the market’s standout performer. The rally got a lift after Intercontinental Exchange (ICE) CEO Jeffrey Sprecher called Hyperliquid a “bigger opportunity than Nasdaq” at the Bernstein Conference, boosting investor sentiment. Elsewhere, BNB rose 1.9%, XRP gained 0.7%, and DOGE held relatively steady. On the macro front, U.S. President Trump said a final decision on the U.S.-Iran ceasefire memorandum of understanding has been reached—but he still demands Iran abandon its nuclear program, surrender its enriched uranium stockpile, and open the Strait of Hormuz. Market participants warn that significant gaps between the two sides on key issues make the current risk asset rebound fragile; any negative updates to the Iran negotiations could trigger an abrupt reversal in market sentiment.