Bitcoin, Ether flat as stocks print records

Whilst hopes for a US-Iran agreement to revive the Strait of Hormuz and renewed AI-trade optimism lifted US equities to all-time highs, major cryptocurrencies remained largely sidelined on Wednesday. Bitcoin and Ether hovered near $64,000 and $1,800, respectively, extending their recent period of consolidation rather than participating in a broader risk rally they would normally follow.

This is becoming a familiar theme in 2026, with the divergence between cryptocurrencies and traditional risk assets, becoming increasingly pronounced since the start of the Iran conflict in late February. Unlike previous market cycles, bitcoin has failed to mirror gains in US equities while also attracting only…