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BNB $576.10 -0.10%
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AAVE $60.53 -2.01%
SUI $0.7160 +3.46%
XLM $0.2113 +13.38%
ZEC $355.50 +8.99%
BTC $60,824.03 +0.99%
ETH $1,560.93 -0.85%
BNB $576.10 -0.10%
XRP $1.09 +0.43%
SOL $62.17 -2.82%
TRX $0.3217 +0.73%
DOGE $0.0817 +0.78%
ADA $0.1586 +1.59%
BCH $217.28 +1.36%
LINK $7.39 +1.88%
HYPE $58.41 +1.23%
AAVE $60.53 -2.01%
SUI $0.7160 +3.46%
XLM $0.2113 +13.38%
ZEC $355.50 +8.99%

asi

The decoupling of cryptocurrencies from U.S. stocks is intensifying, with the S&P 500 rising for nine consecutive weeks to a new high, while Bitcoin and Ethereum continue to decline on a weekly basis

Driven by optimistic expectations for an extended ceasefire agreement between the U.S. and Iran, the U.S. stock and oil markets continued to strengthen this week. The S&P 500 index rose for the ninth consecutive week, setting the longest winning streak since 2023; Brent crude oil stabilized 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 decreased by 2.2%, and TRX saw a decline of 5.6%, making it one of the weakest tokens among the top ten cryptocurrencies by market capitalization. Market analysts believe that the cooling inflow of funds into spot Bitcoin ETFs is putting pressure on coin prices.In contrast, some small and mid-cap tokens performed remarkably well. Among them, the native token of Hyperliquid, HYPE, surged 19.4% this week to around $65, becoming the biggest highlight in 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. Additionally, BNB rose 1.9% this week, XRP increased by 0.7%, and DOGE remained basically flat.On the macro level, U.S. President Trump stated that a final decision on the U.S.-Iran ceasefire memorandum is close, but he still insists on Iran abandoning its nuclear program, handing over its enriched uranium stockpile, and opening the Strait of Hormuz. Market participants believe that due to significant differences between the two sides on key issues, the current rebound in risk assets remains relatively fragile, and any negative news regarding the Iran negotiations could trigger a reversal in market sentiment.

Analysis: Over the past 30 days, more than 100,000 BTC flowed into trading platforms while stablecoins accelerated outflow, increasing market selling pressure

Cryptocurrency analyst Axel Adler Jr. stated that the inflow of BTC to trading platforms and the outflow of stablecoins from trading platforms simultaneously release a "risk aversion" signal, indicating that selling pressure in the market is increasing. Data shows that the net inflow of BTC to trading platforms over the past 30 days has shifted from an extreme net outflow of 300,000 BTC at the end of March to an inflow of 103,000 BTC, meaning more BTC is being reintroduced to trading platforms in preparation for sale. During the same period, the price of BTC dropped from $80,000 to $73,700.Meanwhile, stablecoins are flowing out of centralized trading platforms at a record pace. The average net flow of stablecoins over the past 30 days has shifted from an inflow of $164 million per day at the end of April to an outflow of $153 million per day. This indicates that the liquidity available for purchasing BTC in the market is decreasing. Axel Adler Jr. pointed out that when BTC flows into exchanges while stablecoins simultaneously flow out of trading platforms, it creates an unfavorable structure of "increased supply and decreased demand," which is a typical risk aversion market condition.He believes that if the net inflow of BTC continues to exceed +100,000 BTC, the market may face a deeper correction; while stable signals would include BTC turning back to a net outflow or stablecoins flowing back into trading platforms.
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