Bitcoin, Ether and XRP Trail Stock Market Rally as ETF Demand Slows

Major cryptocurrencies underperformed traditional markets this week, even as U.S. stocks extended gains and oil prices stayed firm on hopes of a possible ceasefire extension between the United States and Iran.

Bitcoin and Ether Fall Despite Strong Stock Market Performance

The S&P 500 recorded its ninth straight weekly gain, marking its longest winning streak since 2023. The index has climbed nearly 20% since March, supported by easing concerns around global markets and optimism over diplomacy in the Middle East.

However, cryptocurrencies failed to follow the broader rally. Bitcoin dropped around 2.5% over the week to trade near $73,500, while Ether declined 2.4% to about $2,010. Solana also slipped 2%.

Cooling Bitcoin ETF Demand Pressures Crypto Prices

The recent weakness in crypto prices came as spot Bitcoin ETF demand slowed, reducing buying pressure that had supported earlier gains.

Hyperliquid HYPE Token Outperforms Market

HYPE stood out with a nearly 20% weekly jump to around $65, helped by growing interest in decentralized perpetual trading platforms and improving investor sentiment.