Global stock markets surged to new highs on Wednesday, driven by fresh enthusiasm for artificial intelligence, yet the price of Bitcoin remains stagnant above $64,000, failing to break free from its recent trading range despite expectations of a new agreement concerning the Strait of Hormuz.

A clear divergence is emerging within the cryptocurrency market. Ethereum has dropped to $1,864, posting a 2% decline this week and making it the only major cryptocurrency in the red. Ripple is trading at $1.07, while Dogecoin has fallen to $0.07. Tron has edged slightly lower to $0.33, and Solana is holding steady at $73.60.

In contrast, Binance Coin has risen to $598, marking a 5% gain over the past seven days and securing the best performance among major tokens. Hyperliquid's HYPE token has increased by 3% to $56, also recording a 3% weekly gain.

This pattern of mixed gains and losses indicates a sharp rotation of capital between different crypto assets rather than a broad-based inflow of new money into the sector.

Traditional financial markets, meanwhile, are performing strongly. The MSCI global index rose by 0.4%, while the Asia-Pacific index surged 2.2%. The S&P 500 and the Dow Jones Industrial Average extended their rallies, and the Australian stock market also hit a new all-time high.

On the corporate front, SK Hynix shares jumped 8%, and Nvidia (NVDA.US) gained over 2%. However, despite posting gains during the regular session, both AMD (Advanced Micro Devices) (AMD.US) and SpaceX saw their shares fall by approximately 9% and 7% respectively in after-hours trading following their earnings reports.

On the geopolitical front, Washington, Tehran, and Oman are expected to announce a deal on Wednesday to reopen the Strait of Hormuz. In response to this development, Brent crude oil fell 1.1% to $78.50 a barrel, while U.S. Treasury bonds and gold both moved higher.

Despite these bullish macro developments, Bitcoin's current price is still 49% below its all-time high of $126,000. For three consecutive trading days, lower oil prices and easing expectations for interest rate hikes have failed to boost the digital currency's price, suggesting that the resistance is internal to the market.

If the implementation of the agreement this week still fails to trigger a meaningful rebound, it would confirm that buyer interest has completely evaporated from the crypto space.