Bitcoin, ether, XRP, dogecoin lag a nine-week stocks rally as ETF demand cools
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The S&P 500's longest weekly winning streak since 2023 and Brent crude settling near $92 on U.S.-Iran ceasefire hopes have failed to pull bitcoin BTC $ 73,826.44 and ether (ETH) higher, with the two largest cryptocurrencies finishing the week down nearly 3% as cooling spot bitcoin ETF inflows reinforced the pullback.
Key facts
Intercontinental Exchange chief Jeffrey Sprecher praised the decentralized perpetuals venue at a Bernstein conference and calling it "bigger than NASDAQ." BNB closed up 1.9% and XRP eked out a 0.7%
The S&P 500 posted its ninth consecutive weekly gain on Friday, the longest such run since 2023 and a streak matched only a handful of times in the past four decades, putting the index up almost 20%
Brent crude settled around $92 a barrel and Treasuries climbed on the week, trimming some of their war-driven losses
The macro tailwind has come on hopes the U.S. and Iran will sign off on a 60-day ceasefire extension
Summary
U.S. stocks and oil rallied, with the S&P 500 logging a ninth straight weekly gain and Brent crude hovering near $92 a barrel on hopes for a U.S.-Iran ceasefire extension. Major cryptocurrencies lagged the macro rally, with bitcoin, ether and other large-cap tokens falling around 2% to 6% amid cooling spot bitcoin ETF inflows. Smaller tokens were a bright spot, as Hyperliquid’s HYPE surged nearly 20% and BNB and XRP notched modest gains, even as the fragile macro rally remained vulnerable to setbacks in Iran deal talks.