Bitcoin, Ether, XRP, Dogecoin Trail Behind Stocks as ETF Interest Dwindles

While the S&P 500 enjoys a nine-week winning streak, major cryptocurrencies falter amid declining ETF interest.

The S&P 500 has achieved its longest weekly winning streak since 2023, marking its ninth consecutive gain, while Brent crude oil prices have steadied at approximately $92 per barrel. However, leading cryptocurrencies like bitcoin, ether, and XRP have not kept pace, showing declines of between 2% to 6% as enthusiasm for spot bitcoin exchange-traded funds (ETFs) wanes.

As of the end of last week, the S&P 500 has risen nearly 20% from its March lows, a rare achievement in the last four decades. This surge is partly fueled by hopes for a ceasefire extension between the U.S. and Iran, with President Donald Trump indicating he is ready to finalize an agreement, contingent upon Iran meeting specific conditions regarding its nuclear program.

In contrast, the crypto market has encountered headwinds. Bitcoin fell by 2.6% to $73,445, while ether dropped 2.5% to $2,011. Other cryptocurrencies also faced losses, with solana down 2.2% and TRON experiencing a notable 5.6% decline, according to data from CoinDesk.

Despite this downturn, there were bright spots among smaller cryptocurrencies. Hyperliquid’s HYPE token surged nearly 20% this week, reaching $65, as interest in the asset grows. BNB and XRP also saw slight increases of 1.9% and 0.7%, respectively. Jeffrey Sprecher, CEO of Intercontinental Exchange, noted the potential of Hyperliquid, claiming it could surpass NASDAQ in significance.

The ongoing uncertainty surrounding the Iran deal continues to weigh on market sentiment, leaving the macro rally vulnerable to abrupt negative developments. Meanwhile, the decline in cryptocurrency inflows, particularly for spot bitcoin ETFs, has contributed to the overall stagnation in the crypto market.