Hedera Hashgraph is set to implement a mainnet upgrade later today. However, despite the anticipated network improvement, its native token HBAR is already showing signs of fatigue.
HBAR’s price action has cooled off over the past three days, indicating a period of stagnation. With buying pressure starting to drop, the altcoin eyes a pullback over the next few trading sessions.
HBAR Rally Falters as Traders Lose Confidence
Readings from the HBAR/USD one-day chart show that the altcoin posted significant gains between July 9 and July 20. During that period, HBAR’s value rocketed by 59%.
However, over the past three days, this bullish momentum has stalled. While the token has recorded a modest 2% spike in price over the past 24 hours, it is accompanied by a 34% decline in trading volume.
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HBAR Price and Trading Volume. Source: TradingView
When an asset’s price climbs while trading volume falls, it suggests weakening conviction behind the move, as fewer participants are driving the price higher. This negative divergence signals that HBAR’s rally over the past day merely mirrors the broader market growth and may not be sustainable in the short term.
Moreover, HBAR’s Balance of Power (BoP) indicator has flipped negative, confirming the waning demand and negative shift in trader sentiment. As of this writing, this momentum indicator stands at -0.57.
The BoP indicator measures the strength of buyers versus sellers in the market, helping to identify momentum shifts. When its value is negative, sellers dominate the market over buyers and put downward pressure on the price.
Can the Upgrade Save HBAR From Sliding Below $0.26?
As the market prepares for the mainnet upgrade, attention will turn to whether the network improvements can boost HBAR’s price action or if the market has already priced in the news. If this is the case and demand remains muted post-upgrade, HBAR’s price could break below $0.26 and fall to $0.22.
The week was notably bullish for the crypto market, with Bitcoin (BTC) reaching record highs of $111,980 and more optimistic predictions emerging. US states’ investment trends and regulatory developments dominated the spotlight, while Pi Network’s price surge also drew attention.
The following is a roundup of some of the most important developments in the crypto market this week.
14 US States Disclose $632 Million Stake in MSTR
One of the most notable developments this week in crypto was the revelation of US states’ $632 million holdings in Strategy’s MSTR stock. BeInCrypto reported that in Q1 2025, the holdings increased by an average of 42%.
“14 US states have reported $632 million in MSTR exposure for Q1, in public retirement and treasury funds. A collective increase of $302 million in one quarter,” Bitcoin Laws founder Julian Fahrer posted.
US State MSTR Stock Holdings. Source: Data Curated by BeInCrypto
California, through its state teachers and public retirement fund, led the pack with $276 million in MSTR shares, followed by Florida, North Carolina, and New Jersey. Despite a recent veto on a Bitcoin reserve bill, Arizona also increased its MSTR holdings.
Other states like Utah and Colorado showed substantial growth in MSTR investments, with the former’s holdings growing by 184% in the last quarter. On the other hand, while boosting its MSTR position by 26%, the Wisconsin Investment Board sold off its entire $300 million stake in BlackRock’s Bitcoin ETF.
Pi Network has been widely discussed since its open network launch in late February 2025. This week, Pi Coin (PI) dominated headlines due to its 11% price appreciation. BeInCrypto highlighted that the catalyst behind this uptick was an 86 million withdrawal from the OKX exchange.
This reduced OKX’s PI token balance to just 21 million. This mass movement suggested investors were holding rather than selling. This bullish signal is often associated with confidence in future price appreciation.
“This isn’t just a withdrawal—it’s a POWER MOVE by the Pi community. Scarcity is kicking in, and the market is feeling the heat!” a Pioneer posted on X.
Nonetheless, the high was fleeting. After the rise, more declines followed. Over the past day alone, Pi Coin’s value depreciated by 4.7%.
Along with its underwhelming price performance, Pi Network has faced significant criticism due to its inability to secure a listing on major exchanges like Binance or Coinbase. Concerns regarding its lack of recognition on price tracking platforms, token distribution, node centralization, and migration challenges further add to the growing list of issues.
Blum Co-Founder Vladimir Smerkis Arrested in Moscow
Another crypto-related incident this week involved the co-founder of the Telegram-based crypto project Blum. On May 18, the Zamoskvoretsky District Court in Moscow arrested Vladimir Smerkis, who previously managed Binance’s operations in Russia. Smerkis allegedly committed ‘large-scale fraud.’
“The Zamoskvoretsky District Court granted the investigator’s petition for the preventive measure of detention for Vladimir Smerkis, who was arrested in connection with a case of large-scale fraud (Article 159 of the Criminal Code of the Russian Federation),” local media reported.
In response to the arrest, Blum quickly distanced itself from Smerkis and his involvement in the project.
“We would like to inform our community that Vladimir Smerkis has stepped down from his role as CMO and is no longer involved in the development of the project or in any co-founder capacity,” Blum’s official statement read.
Fred Krueger Predicts Bitcoin Could Reach $600,000 by October 2025
This week in crypto, Bitcoin took center stage with its impressive rally. BeInCrypto was the first to report that Bitcoin reclaimed its all-time high of $108,900 after four months. However, the rally didn’t stop there, as the price continued to climb.
Yesterday, BTC peaked at a new record of $111,980, a high yet to be surpassed. Yet, analysts are increasingly optimistic about Bitcoin’s prospects moving forward.
Mathematician and analyst Fred Krueger predicted that Bitcoin’s price could surge to $600,000 by October 2025. His forecast hinges on a series of speculative developments that will begin on July 21, with BTC priced at $150,000.
“THE FINAL RUN: BITCOIN TO $600,000. Timeframe: 90 days — from Monday, July 21, 2025. Starting BTC: $150,000, Ending BTC: $600,000. Final Gold: $10,400. DXY: Collapses from 96 → 68. US 10Y Yield: Spikes to 9.2% before being “frozen” by the Fed. SPX: Collapses 50%,” Krueger stated.
The supposed catalysts for Bitcoin’s rise to $600,000 include a failed US Treasury auction, BRICS nations launching a Bitcoin-backed payment system, countries shifting reserves to Bitcoin, rising Treasury yields, a collapse in US real estate, tech companies adopting Bitcoin, and a potential restructuring of the US dollar at an October summit.
The bill, which aims to create a state-level Bitcoin Reserve, now only requires Governor Abbott’s signature to be finalized. Notably, as BeInCrypto pointed out, Governor Abbott is pro-crypto.
In fact, he posted an article about the Texas Strategic Bitcoin Reserve on his X account today, which signals a likely approval.
“It’s happening. Texas Governor, Greg Abbott, will sign Texas’ Bitcoin Reserve into law. One of the richest states will be buying Bitcoin. Get ready!!!” crypto commentator Kyle Chassé remarked.
With the Texas Senate session ending on June 2, Governor Abbott has until then to make a decision. If signed into law, Texas will become the second US state to establish its own Bitcoin Reserve, following New Hampshire.
SEI has seen a sharp surge in price recently, marking a significant uptick likely driven by growing interest in alternative chains.
This surge comes after months of consolidation, and the rise in transaction volume could further fuel price gains. However, questions remain if this momentum will end the five-month-long Death Cross.
SEI Investors Are Extremely Bullish
The number of daily transactions on the SEI network has been rising steadily over the past few months. In fact, transactions have tripled in the last three months, reaching as high as 1.6 million in a single day recently.
This surge in altcoin activity signals strong demand for the asset and indicates investor confidence.
The growing transaction figures reflect the increasing interest from investors, many of whom are likely attracted by SEI’s developing ecosystem.
If this trend continues, it could further push SEI’s price upward, reinforcing the positive momentum seen in the market.
Despite the recent surge, SEI has been trapped in a Death Cross since January, which has lasted for over five months. This technical pattern occurs when the 200-day exponential moving average (EMA) is above the 50-day EMA, signaling a prolonged downtrend.
However, the recent price surge has sparked a slight uptick in the 50-day EMA, suggesting that a change in trend could be on the horizon.
If the 50-day EMA crosses above the 200-day EMA, it would mark a Golden Cross, signaling a potential shift toward a sustained uptrend.
The possibility of this crossover has investors hopeful that SEI may finally break free from its previous downtrend, setting the stage for more bullish price action.
At the time of writing, SEI is trading at $0.29, just below the key resistance of $0.30. This marks a 4-month high after a 50% rise in price over the past week.
The recent surge has put SEI on the radar of investors, with eyes now on whether it can break through the $0.30 resistance.
If SEI successfully flips $0.30 into support, the altcoin could push towards $0.35. This level is crucial for continuing the price rally and securing the recent gains.
A rise past this resistance would suggest that the upward momentum is sustainable, potentially signaling the end of the downtrend.
However, if investors choose to book profits, SEI could face a correction. A drop through the $0.27 support would suggest weakening momentum, potentially pushing the price further down to $0.24.
A fall to this level would invalidate the current bullish thesis, signaling a reversal in the altcoin’s trend.
