U.S. stocks record 9-week win streak; crypto lags

U.S. stocks and major cryptocurrencies have split in recent sessions, with equities extending a nine-week rally while Bitcoin and Ether lost ground. The S&P 500 secured its ninth straight weekly gain on May 29, its longest such run since 2023, according to market data and financial press reports. At the same time, crypto prices weakened into early June. Bitcoin traded around $70,700 on June 2 after falling below $70,000 earlier in the day, while Ether hovered near $2,000 and was down about 4.7% over seven days, according to live market trackers. The basic story is that two assets that often move together as “risk” trades have stopped doing that, at least for now. (advisorperspectives.com) Social-market commentary highlighted the divergence this week, and the underlying data broadly points the same way: stocks kept making highs, while crypto lost momentum as exchange-traded fund flows cooled. (coinmarketcap.com) ### How unusual is a nine-week run for U.S. stocks? The S&P 500 rose 1.6% in the week ended May 29, enough to secure a ninth consecutive weekly advance and match its longest winning streak since 2023, according to Advisor Perspectives and other market coverage. (coindesk.com) That streak came with fresh records. Market reports said the benchmark index set multiple all-time highs during the week, while the Dow Jones Industrial Average also pushed to records and the SPY exchange-traded fund closed June 1 at $758.54. ### What are Bitcoin and Ether doing instead? (advisorperspectives.com) Bitcoin fell to a two-month low on June 2, with CoinMarketCap showing it near $70,743 and Crypto.com showing it closer to $69,300 during the session. Ether was near $2,000 and remained well below its 2025 peak. Those moves left crypto trailing even as U.S. equities held near records. (post-gazette.com) CoinDesk reported on May 30 that Bitcoin, Ether, XRP and Dogecoin had all lagged the nine-week stock rally as ETF demand cooled. ### Why are ETF flows getting so much attention? U.S. spot bitcoin ETFs have become one of the clearest gauges of institutional demand for crypto. (coinmarketcap.com) CoinDesk reported that a $1.26 billion block sale in BlackRock’s iShares Bitcoin Trust, or IBIT, hit the market last week, while other flow trackers showed sustained late-May outflows. (coindesk.com) Several data providers showed the same direction even if their totals differ. CoinGlass said the latest trading day it tracked showed a net crypto ETF outflow of about $523 million, while reports citing SoSoValue data said U.S. spot bitcoin ETFs lost about $2.43 billion in May. Ether products also weakened. Reports citing SoSoValue said U.S. spot Ethereum ETFs posted multiple straight days of outflows in May, including roughly $432 million over an eight-session stretch through May 20. (coindesk.com) ### What do analysts mean by “macro rotation”? Market participants use that phrase to describe money moving between asset classes as investors reassess growth, rates and earnings. (coinglass.com) In this case, equities — especially large U.S. stocks — continued to benefit from strong corporate results and index momentum, while crypto faced weaker fund demand and a more selective risk appetite. That framing is supported by the combination of record equity closes and falling crypto ETF flows, though “rotation” is still an inference from those data points rather than a single official designation. (247wallst.com) ### What should investors watch next? June 2026 ETF flow reports will be the next hard test of whether the divergence persists. Daily bitcoin and ether fund-flow updates from Farside, CoinGlass and SoSoValue should show whether late-May outflows stabilize, while the S&P 500’s next weekly close will determine whether the nine-week equity streak extends. (farside.co.uk) (tradingkey.com)