The S&P 500’s longest weekly winning streak since 2023 and Brent crude settling near $92 on U.S.-Iran ceasefire hopes have failed to pull bitcoin BTC$73,482.08 and ether (ETH) higher, with the two largest cryptocurrencies finishing the week down nearly 3% as cooling spot bitcoin ETF inflows reinforced the pullback.

The S&P 500 posted its ninth consecutive weekly gain on Friday, the longest such run since 2023 and a streak matched only a handful of times in the past four decades, putting the index up almost 20% from its March lows.

Brent crude settled around $92 a barrel and Treasuries climbed on the week, trimming some of their war-driven losses.

The macro tailwind has come on hopes the U.S. and Iran will sign off on a 60-day ceasefire extension. President Donald Trump said Friday he was ready to make a “final determination” on a preliminary agreement but restated his demand that any deal require Iran to abandon its nuclear program, surrender its enriched uranium and open the Strait of Hormuz.

Crypto did not move with the tape. Bitcoin slipped 2.6% over the past seven days to $73,445, ether 2.5% to $2,011, solana (SOL) 2.2% to $82.42 and TRON’s TRX 5.6%, its worst weekly drop in the top 10, according to CoinDesk data.

DOGE$0.1009 finished roughly flat. The slide came alongside softer spot bitcoin ETF inflows, which was flagged this week as adding to the downward pressure even as macro conditions improved.

The exception was the smaller side of the leaderboard. Hyperliquid’s HYPE token ripped 19.4% on the week to $65 as sentiment for the asset continues to grow. Intercontinental Exchange chief Jeffrey Sprecher praised the decentralized perpetuals venue at a Bernstein conference and calling it “bigger than NASDAQ.” BNB closed up 1.9% and XRP eked out a 0.7% weekly gain.

The Iran deal still needs Trump’s signature, and the red lines he restated on Friday sit well beyond what Iran has indicated it would accept publicly. The macro rally is one bad headline from reversing.