Bitcoin held around $64,000 as MSCI’s global stock index notched another record and Brent crude slipped on expectations of a Strait of Hormuz deal. Among major cryptocurrencies, ether was the only one down on the week.
Crypto markets were largely muted on Wednesday, even as global equities surged to fresh highs on renewed enthusiasm for AI-driven growth—leaving digital assets trailing a rally they typically follow.
BTC traded just above $64,000, up less than 1% on the day and essentially flat over the past week. Ether dropped to $1,864, down about 2% over seven days and the only major in negative territory. XRP fell nearly 1% to $1.07, dogecoin slipped by a similar margin to just under $0.07, and tron edged lower to around $0.33. Solana held steady near $73.60, while BNB gained over 1% to $598, making it the strongest major performer over the past week with a 5% rise. Hyperliquid’s HYPE token stood out, climbing 3% to nearly $56 and posting similar weekly gains.
Equity markets told a different story. MSCI’s All Country World Index rose 0.4% toward another record close, its Asia-Pacific index jumped 2.2%, and Australian shares reached fresh highs after both the S&P 500 and Dow Jones closed at all-time peaks on Tuesday.
Stock-specific moves were mixed. SK Hynix jumped 6.4% at the Seoul open, while Nvidia added more than 2% in after-hours trading. In contrast, AMD dropped 9% on weak sales guidance, and SpaceX fell 7.5% amid rising expectations for AI-related spending.
Oil prices declined, with Brent crude down 1.1% to roughly $78.50 per barrel after reports that the U.S., Iran, and Oman were nearing an agreement to reopen the Strait of Hormuz, with a possible announcement expected Wednesday. Meanwhile, Treasuries and gold moved higher as traders pared back expectations for further rate hikes.
Despite supportive macro signals—lower oil, easing rate expectations, and a strong risk-on environment—crypto assets have failed to respond for three straight sessions, suggesting the drag may be coming from within the market rather than external factors.
Bitcoin remains roughly 49% below its October peak of $126,000, while ether continues to underperform on the week. Attention now shifts to the potential Hormuz announcement. If confirmed, it could be the clearest macro catalyst for crypto this week. But if prices still fail to react, it may signal that investor demand is currently focused elsewhere.
