The S&P 500 achieved its longest weekly winning streak since 2023, while Brent oil stabilized around $92 amid hopes for a U.S.-Iran ceasefire. However, major cryptocurrencies have declined, with Hyperliquid's HYPE being the only notable gainer.
By Shaurya Malwa May 30, 2026, 5:41 a.m. 2 min readMake preferred onKey Highlights:
- U.S. equities and oil prices surged, with the S&P 500 marking its ninth consecutive weekly gain and Brent crude trading around $92 per barrel due to optimism regarding a U.S.-Iran ceasefire extension.
- The leading cryptocurrencies lagged behind the broader market rally, with bitcoin, ether, and other major tokens dropping between 2% and 6% as interest in spot bitcoin ETFs cooled.
- On the brighter side, smaller cryptocurrencies saw gains, with Hyperliquid’s HYPE soaring nearly 20%, while BNB and XRP also recorded slight increases, despite the ongoing uncertainty surrounding the Iran deal.
The S&P 500's impressive streak, now at nine weeks, is the longest since 2023, and Brent crude's price stabilization near $92 did not manage to lift bitcoin BTC$73,523.91 and ether (ETH), both of which ended the week approximately 3% lower as decreasing inflows for spot bitcoin ETFs contributed to this downturn.
On Friday, the S&P 500 notched its ninth consecutive weekly gain, a feat seen only a few times in the last 40 years, bringing the index up nearly 20% from its lows in March.
Brent crude was trading at about $92 per barrel, with Treasury yields rising during the week, recovering some of their losses linked to the geopolitical situation.
This positive macro sentiment is fueled by expectations that the U.S. and Iran will agree to a 60-day ceasefire extension. President Donald Trump mentioned on Friday that he was prepared to make a "final determination" regarding a preliminary agreement but reiterated his conditions that Iran must abandon its nuclear ambitions, relinquish enriched uranium, and ensure security in the Strait of Hormuz.
In contrast, the crypto market remained stagnant. Bitcoin fell by 2.6% over the week to $73,445, ether decreased by 2.5% to $2,011, solana (SOL) dipped 2.2% to $82.42, while TRON's TRX experienced a significant decline of 5.6%, marking the largest drop among the top ten cryptocurrencies, according to CoinDesk data.
DOGE$0.1010 remained relatively unchanged. This downturn occurred alongside reduced inflows for spot bitcoin ETFs, which have been noted this week as contributing to the downward pressure, even with improved macro conditions.
However, the smaller cryptocurrencies showed resilience. Hyperliquid's HYPE token surged 19.4% over the week, reaching $65 as interest in the asset grows. Jeffrey Sprecher, CEO of Intercontinental Exchange, praised the decentralized perpetual trading platform at a Bernstein conference, claiming it to be "bigger than NASDAQ." BNB saw a modest increase of 1.9%, and XRP managed a slight gain of 0.7% for the week.
The Iran agreement still requires President Trump's approval, and his reiterated demands appear to exceed what Iran has indicated it would be willing to accept. The macro rally remains susceptible to sudden negative developments.
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