ME News report: On May 30 (UTC+8), fueled by optimistic expectations of a potential extension of the ceasefire agreement between the U.S. and Iran, U.S. equities and oil markets continued to strengthen this week. The S&P 500 index rose for a ninth consecutive week, marking its longest winning streak since 2023; Brent crude oil remained stable near $92 per barrel. However, the cryptocurrency market failed to follow the upward trend in macro risk assets. Over the past week, Bitcoin fell 2.6% to $73,445, Ethereum declined 2.5% to $2,011, Solana dropped 2.2%, and TRX plunged 5.6%, becoming one of the weakest performers among the top ten cryptocurrencies by market cap. Market analysts attribute the price pressure to a slowdown in inflows into spot Bitcoin ETFs. In contrast, several mid- and small-cap tokens performed strongly. Notably, Hyperliquid’s native token HYPE surged 19.4% to around $65 this week, emerging as the market’s standout performer. This rally was further boosted after ICE CEO Jeffrey Sprecher referred to Hyperliquid as “a bigger opportunity than Nasdaq” at the Bernstein Conference, lifting market sentiment. Additionally, BNB rose 1.9%, XRP gained 0.7%, and DOGE remained largely flat. On the macro front, U.S. President Trump stated that a final decision on a memorandum of understanding regarding a U.S.-Iran ceasefire is nearing, but he continues to demand that Iran abandon its nuclear program, surrender its enriched uranium stockpile, and open the Strait of Hormuz. Market participants believe that due to persistent significant disagreements on key issues, the current rebound in risk assets remains fragile, and any negative developments regarding Iran negotiations could trigger a reversal in market sentiment. (Source: ChainCatcher)
Crypto Market Diverges from U.S. Stocks as S&P 500 Hits 9-Week High
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Summary
The crypto market diverged from U.S. stocks as the S&P 500 reached a nine-week high on May 30 (UTC+8), fueled by expectations of an extended U.S.-Iran ceasefire. Bitcoin and Ethereum declined 2.6% and 2.5% respectively over the week, while TRX fell 5.6%. Smaller tokens such as Hyperliquid’s HYPE surged 19.4% following positive comments from ICE CEO Jeffrey Sprecher. BNB rose 1.9%, XRP gained 0.7%, and DOGE remained flat. A slowdown in Bitcoin ETF inflows weighed on the crypto market.
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