(Bloomberg) - This week, the rally of Coinbase Global Inc. is immutable, as even one or two negative headlines didn't stop the crypto exchange from climbing, which is included in the S&P 500.

Most of them come from Bloomberg

Coinbase shares have risen 34% over the past five sessions, the biggest weekly gain since President Donald Trump’s re-election, an encouragement on Monday’s announcement that the stock will replace Discover Financial Services in the index.

For the digital asset industry, this is a time of victory and a recognition of the common foundation itself. But Thursday’s revelation to hackers is expected to cost the company $400 million and confirms that U.S. regulators are investigating user numbers to damage Coinbase’s victory circle, reducing the otherwise booming run by 7.2% in stocks.

Included in the U.S. benchmark index provides strong support for stocks. The passive mutual funds traded by the S&P 500 need to be tracked to restructure their holdings to match the gauges, meaning they are forced to pile up into Coinbase’s stock.

"The stock has to come back because these people have to buy, they have to own it," said Matt Maley, chief market strategist at Miller Tabak. The demand this week is "not related to fundamentals."

For Alex Markgraff of KeyBanc Capital Market, Hack is unlikely to erode trust widely among its clients, although analysts see a “moderate overhang” in the news, both due to financial impact and the risk that users can immigrate to competitors like Robinhood Markets Inc.

Miller Tabak's Maley warned that the stocks will easily delay selling next week once the purchase of funds is backed up. He added that the shock waves of the event this week could outweigh one company.

If Coinbase is not attractive to the elite club of S&P 500 members, it could create headwinds for cryptocurrencies as asset classes as other players in the industry enter cold water.

"Like anything else, you try something new, but it doesn't work, it takes longer to try the second or third or fourth time," Maley said.

The company still has a lot to like. Coinbase, the largest cryptocurrency exchange in the U.S., reported quarterly revenues last week increased by about 24% from a year ago. It also boosted the derivatives market with a $2.9 billion acquisition of deribit.