The S&P 500 has achieved its longest weekly winning streak since 2023, marking nine consecutive weeks of gains, as Brent crude oil stabilizes around $92 per barrel amid optimism for a U.S.-Iran ceasefire. However, major cryptocurrencies like Bitcoin and Ether lagged behind the stock market rally, with Bitcoin dropping 2.6% to $73,445 and Ether down 2.5% to $2,011. This divergence highlights a cooling demand for spot Bitcoin ETFs, which have seen significant outflows recently.
While larger cryptocurrencies struggled, smaller tokens like Hyperliquid’s HYPE surged nearly 20%, indicating a potential shift in investor sentiment towards niche assets. XRP also saw modest gains, attracting $11.88 million in net inflows for its U.S.-listed ETFs, contrasting sharply with the outflows from Bitcoin and Ether funds, which lost about $2 billion combined.
The key takeaway for market professionals is the growing interest in smaller cryptocurrencies and the potential for volatility in larger assets, particularly as macroeconomic conditions remain fragile and dependent on geopolitical developments.
Source: coindesk.com