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Bitcoin, Solana and Hyperliquid Barely Moved Last Week — the S&P 500 Did All the Running (2026)

RaymondRates.my5 min read

Last week the US and Japan bought yen together for the first time since 1998, Trump called off an Iran strike and oil fell about 5%. The S&P 500 climbed back to within a whisker of its record. Bitcoin, Solana and Hyperliquid did almost nothing.

+2.3%
S&P 500, last week
back within 0.1% of its record
+0.6%
Bitcoin, the liveliest of the three
Solana +0.4%, Hyperliquid +0.3%
+118%
Hyperliquid, year to date
the twist — see below

Last week: shares moved, crypto sat still

Change over the week to 3 August 2026S&P 500  US shares+2.3%Bitcoin  BTC+0.6%Solana  SOL+0.4%Hyperliquid  HYPE+0.3%
Nearly four times the move, from the boring one. In a week stuffed with macro news, the S&P did the work and all three tokens stayed inside half a percent of each other.
  • Crypto is supposed to react to this stuff. Currency intervention and war headlines are the classic risk-on, risk-off triggers. Nothing.
  • Quiet is not the same as safe. A flat week says nothing about the year — and the year was brutal.

Zoom out and “crypto” stops being one thing

Year to date 2026, 1 January to 3 AugustHyperliquid  HYPE+118.0%S&P 500  US shares+11.0%Bitcoin  BTC−27.1%Solana  SOL−40.7%
Same four assets, same eight months. Hyperliquid more than doubled while Solana lost four-tenths of its value — that is not one asset class moving together.
  • The gap is enormous. Between the best and worst here sits about 159 percentage points — in the same eight months.
  • “Crypto is up” is a meaningless sentence. Which one? They have had completely different years.
A screen showing stock market charts and price data
The S&P 500 spent 2026 grinding to records. Bitcoin spent it going backwards. · Photo: Unsplash

How far from the top?

How far below its own record high, at 3 August 2026S&P 500record 2 Jun 2026−0.1%Hyperliquidrecord 16 Jun 2026−27.8%Bitcoinrecord 6 Oct 2025−49.3%Solanarecord 19 Jan 2025−74.8%
The gentlest way to see it. Shares are at the high; Solana still needs to roughly quadruple to see its January 2025 peak again.
  • Down 75% needs +297% to get even. That is the arithmetic of a drawdown, and it is unforgiving.

If you are buying in Malaysia

Physical cryptocurrency coins on a dark reflective surface
Only five platforms are registered with the Securities Commission to offer crypto trading in Malaysia. · Photo: Unsplash
  • Five legal venues, and that is it. HATA, Luno, MX Global, SINEGY and Kinetic, as at 26 June 2026.
  • Anything else is unregistered. No Malaysian ombudsman, no SC recourse if it fails.
Where these numbers come from. Crypto prices are CoinGecko spot as at 3–4 August 2026; the S&P 500 is the daily close from the Federal Reserve’s FRED series. Weekly moves run from the 28 July close. Crypto trades every day and shares do not, so the two windows are close but not identical.

What to watch

  • OngoingWhether the quiet breaks. A flat week after a loud one usually ends with a move, in one direction or the other.
  • OngoingWhether Hyperliquid holds up. It is the smallest and newest here, and already 19% lower over a month.
  • Your sideCheck the platform is on the SC register before you send money anywhere.
Not financial advice. This is general information as at 4 August 2026, based on published market data. It is not a forecast, a recommendation to buy or sell anything, and Rates.my does not issue price targets. Digital assets are volatile and are not capital-protected — the figures above show how far they can fall. Verify any platform on the Securities Commission’s register before depositing funds.

Sources & further reading

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