Bitcoin hovered around $64,000 as MSCI’s global stock index climbed to another record and Brent crude slipped on expectations of a Strait of Hormuz deal. Ether remained the only major cryptocurrency in negative territory for the week.

Crypto markets were mostly quiet on Wednesday, even as global equities rallied to fresh highs on renewed enthusiasm for AI, leaving digital assets trailing a move they often track.

BTC traded just above $64,000, up less than 1% on the day and largely unchanged over the past week. Ether fell to $1,864, down about 2% over seven days. XRP dipped nearly 1% to $1.07, dogecoin slipped to just under $0.07, and tron edged lower to around $0.33. Solana held steady near $73.60, while BNB rose over 1% to $598, making it the top performer among majors with a 5% weekly gain. Hyperliquid’s HYPE token also stood out, rising 3% to nearly $56 and posting similar gains on the week.

Equities, meanwhile, extended their rally. MSCI’s All Country World Index gained 0.4% toward another record close, its Asia-Pacific index jumped 2.2%, and Australian stocks hit new highs after both the S&P 500 and Dow Jones closed at record levels on Tuesday.

Individual stocks saw mixed moves. SK Hynix jumped 6.4% at the Seoul open, while Nvidia rose more than 2% in after-hours trading. AMD dropped 9% on weak sales guidance, and SpaceX fell 7.5% amid expectations of higher AI spending.

Oil prices declined, with Brent crude down 1.1% to about $78.50 per barrel after reports that the U.S., Iran, and Oman were close to an agreement to reopen the Strait of Hormuz, possibly as soon as Wednesday. Treasuries and gold also moved higher as traders reduced expectations for further rate hikes.

Despite supportive macro conditions—lower oil prices, easing rate expectations, and strong equity momentum—crypto has failed to respond for three consecutive sessions, suggesting the weakness 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 turns to a potential Hormuz announcement. If confirmed, it could provide the clearest macro catalyst for crypto in the near term—but a muted reaction would signal that investor demand is still focused elsewhere.