The disconnect between the cryptocurrency markets and U.S. equities has reached a notable level, with the S&P 500 experiencing a nine-week winning streak, its longest since 2023. In contrast, Bitcoin and Ethereum have faced declines, with Bitcoin falling 2.6% to $73,445 and Ethereum dropping 2.5% to $2,011. This divergence raises questions about the correlation between crypto and traditional risk assets. The recent gains in the equity markets were fueled by optimism regarding a potential U.S.-Iran ceasefire, which has not translated into positive momentum for cryptocurrencies. Analysts attribute the decline in crypto prices primarily to significant outflows from Bitcoin ETFs, totaling over $2 billion in May alone. Despite the overall bearish trend in major cryptocurrencies, HYPE, the token of HyperLiquid, emerged as a standout performer with a 19.4% increase. The current market environment suggests that the specific challenges facing cryptocurrencies, such as ETF outflows and institutional de-risking, are overshadowing the macroeconomic factors that are benefiting equities.