TechFlow News, May 30: Against the backdrop of rising market expectations for easing tensions between the U.S. and Iran, U.S. equities extended their gains this week. The S&P 500 Index rose for the ninth consecutive week—the longest streak since 2023—while the Dow Jones Industrial Average crossed 51,000 points for the first time. Meanwhile, Brent crude oil remained near $92 per barrel.
In contrast, the cryptocurrency market failed to follow the strength seen in traditional 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 fell 5.6%, making it one of the weakest performers among the top ten cryptocurrencies by market capitalization. Market participants widely attribute mounting pressure on the crypto market to a slowdown in inflows into spot Bitcoin ETFs.
Nonetheless, several mid- and small-cap assets delivered strong performance. Notably, HYPE surged 19.4% this week, briefly surpassing $67 and hitting a new all-time high, emerging as one of the most watched “star assets” in the market.
Additionally, BNB rose 1.9%, XRP gained 0.7%, and DOGE remained essentially flat. Overall, the divergence in price action between the cryptocurrency market and U.S. equities has recently intensified. Market observers believe that, despite improving macro-level risk sentiment, digital assets continue to face headwinds from fund rotation and structural divergence.
