The decoupling of cryptocurrencies from the US stock market intensifies: the S&P 500 rises for nine consecutive weeks to a new high, while Bitcoin and Ethereum continue to decline on weekly charts.

BlockBeats News, May 30 — Driven by optimistic expectations that the US and Iran may extend the ceasefire agreement, U.S. stocks and the crude oil market continued to strengthen this week. The S&P 500 index rose for the ninth consecutive week, marking the longest winning streak 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 2.6% to $73,445, Ethereum dropped 2.5% to $2,011, Solana declined 2.2%, and TRX decreased by 5.6%, making it one of the weakest performers among the top ten cryptocurrencies by market cap. Market analysis suggests that cooling inflows into spot Bitcoin ETFs have put pressure on the price.

In contrast, some small- and mid-cap tokens performed well. Among them, Hyperliquid’s native token HYPE surged 19.4% this week to around $65, becoming the biggest highlight in the market. Previously, Jeffrey Sprecher, CEO of Intercontinental Exchange (ICE), called Hyperliquid a “bigger opportunity than Nasdaq” at the Bernstein conference, further boosting market sentiment.

Additionally, BNB increased by 1.9% this week, XRP rose 0.7%, and DOGE remained roughly flat.

On the macro front, U.S. President Trump stated that a final decision on the US-Iran ceasefire memorandum is close, but still insisted that Iran give up its nuclear program, surrender its enriched uranium stockpile, and open the Strait of Hormuz. Market participants believe that, due to significant disagreements on key issues, the current rebound in risk assets remains fragile, and any negative news regarding Iran negotiations could trigger a reversal in market sentiment.