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

BlockBeats News, May 30: Encouraged by the optimistic expectations of a possible extension of the ceasefire agreement between the U.S. and Iran, the U.S. stock market and the oil market continued to strengthen this week. The S&P 500 index rose for the ninth consecutive week, setting a new record for the longest weekly gain since 2023; Brent crude oil remained stable around $92 per barrel.

However, the cryptocurrency market failed to follow the rise of macro risk assets. Over the past week, Bitcoin fell by 2.6% to $73,445, Ethereum fell by 2.5% to $2,011, Solana fell by 2.2%, and TRX plummeted by 5.6%, becoming one of the weakest-performing tokens among the top ten cryptocurrencies by market capitalization. Market analysis believes that the cooling of inflows into spot Bitcoin ETFs has put pressure on the coin's price.

In contrast, some small and medium-cap tokens have performed well. Among them, the native token of Hyperliquid, HYPE, surged by 19.4% to around $65 this week, becoming the biggest highlight of the market. Previously, Intercontinental Exchange (ICE) CEO Jeffrey Sprecher referred to Hyperliquid as a "bigger opportunity than Nasdaq" at the Bernstein Conference, further boosting market sentiment.

Furthermore, BNB rose by 1.9% this week, XRP rose by 0.7%, and DOGE remained relatively stable.

On a macro level, U.S. President Trump stated that a final decision has been made on the U.S.-Iran ceasefire memorandum of understanding; however, he still insists on demanding that Iran abandon its nuclear program, hand over its enriched uranium stockpile, and open the Strait of Hormuz. Market participants believe that due to the significant differences between the two parties on key issues, the current rebound of risk assets remains fragile, and any negative news related to Iran negotiations could potentially trigger a market sentiment reversal.