Stellar’s native token XLM came under heavy institutional selling pressure in the latest trading session, falling from $0.39 to $0.36 between August 28 at 3:00 p.m. and August 29 at 2:00 p.m. ET. Market data shows more than 41.89 million XLM changed hands, with volumes surging as large holders reduced exposure.

Despite the pressure, Stellar’s enterprise push remains intact. The Stellar Development Foundation reported the network is approaching 10 million registered accounts, boosted by daily growth of 5,000–6,000 new corporate wallets. Strategic partnerships with MoneyGram International and Circle Internet Financial continue to drive adoption of Stellar’s payment rails in cross-border finance.

Analysts highlighted sharp intraday swings on August 29, when XLM dropped 1.38% between 1:26 p.m. and 2:06 p.m., before institutional buyers reentered the market. The token recovered 1.27% during the 15-minute window that followed, closing the session at $0.361 after briefly touching $0.357.

A spokesperson close to Stellar’s corporate strategy stressed that the market turbulence was sentiment-driven rather than a reflection of business fundamentals. The late-session bounce suggested some large buyers viewed the decline as a buying opportunity, underscoring confidence in Stellar’s long-term role in blockchain-based financial infrastructure.

Technical Market Indicators Signal Mixed Corporate Sentiment

• XLM posted a 7.74% decline from $0.39 to $0.36 during the August 28-29 trading period.
• Daily trading range reached $0.031 between session high of $0.387 and low of $0.356.
• Peak selling activity occurred during morning European trading hours on August 29 with volume exceeding the 24-hour average of 41.89 million units.
• Technical resistance established near $0.373 level as institutional buyers remained cautious.
• Support levels identified at $0.375 and $0.362, with the lower threshold showing stability during final trading hours.
• Elevated trading volume during the decline indicates potential institutional accumulation strategies.
• Intraday price range of $0.005 during the final 60-minute trading period demonstrates continued market interest.
• Support at $0.357 attracted institutional buying interest before session close.
• Final hour recovery of 1.27% on volume exceeding 2 million units suggests corporate treasury departments may be accumulating positions.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

Crypto Journalist

Amin Ayan

Crypto Journalist

Amin Ayan

About Author

Amin Ayan is a crypto journalist with over four years of experience in the industry. He has contributed to leading publications such as Cryptonews, Investing.com, 99Bitcoins, and 24/7 Wall St. He has…

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June 4, 2025

Global search interest in Pi Network has fallen to its lowest level of 2025, raising fresh questions about the project’s momentum just weeks ahead of its flagship event, Pi2Day, on June 28.

According to Google Trends, search interest for “Pi Network” now sits at a score of just 5, lower than levels seen before the network’s enclosed mainnet launched.

The data, which shows interest peaked in March 2025, signals declining public interest in the network following its long-awaited launch of its mainnet, dubbed the “Open Network,” in February.

Pi Coin IOU Trading Collapses as Market Interest Fades

The sharp drop in visibility comes alongside a collapse in trading activity for Pi Coin IOUs on unofficial markets.

Daily volume has plunged from over $2 billion in mid-May to just $56 million as of June 4, a staggering 97% decline.

Despite the downturn, some in the community remain hopeful that Pi2Day — an annual celebration tied to Elon Musk’s birthday — could deliver a turnaround.

In a post on X, Pi Network Alerts told followers that big updates are coming for Pi2Day, with mass migration expected to begin in the coming days.

Speculation around a potential Binance listing has also fueled chatter.

CryptoLeakVN claimed, “Hot rumor: Binance might list Pi Coin on Pi2Day (June 28th)? If true, this could mark a historic milestone for the Pi Network!” There has been no confirmation from Binance or the Pi Core Team.

Behind the scenes, some developers warn that technical hurdles remain.

Dimas Nawawi, a vocal Pi contributor, cautioned that Pi Nodes still require protocol upgrades and that the Core Team has yet to select Nodes for Mainnet.

He noted that only dozens of Mainnet Nodes are currently active out of more than 200,000 ready for deployment.

Nawawi also pointed out that running smart contracts will require an update to at least Protocol version 20.

He criticized recent grassroots campaigns pushing for an immediate Global Conversion Value (GCV), arguing that GCV should be achieved through proper development rather than community-driven urgency.

Unless the Pi Core Team delivers clear progress this month, Pi2Day risks falling flat — adding to growing doubts over whether Pi Coin’s long-promised open mainnet will ever launch.

Pi Coin Struggles Persist as Pi Trades Near Lows

Pi Coin continues to face bearish pressure, with the token hovering around $0.637 at press time.

The broader trend remains weak, as shown in the 1-hour chart, where PI has been locked in a persistent downtrend since April, with no meaningful reversal attempts.

Bollinger Bands are tightening, reflecting reduced volatility, while RSI sits at a bearish 33.51 — suggesting momentum remains to the downside.

The 5-minute chart shows a sharper intraday drop below $0.64 earlier today, with RSI briefly touching 25.93, indicating oversold conditions before a modest bounce.

However, no sustained bullish follow-through has emerged, and MACD remains in negative territory.

On the 1-minute chart, a minor recovery is visible with RSI back to 48.48 and MACD flipping slightly positive, but this short-term uptick is not yet supported by strong volume.

Key resistance now lies near the mid-Bollinger Band at $0.647–$0.65.

Failure to reclaim this level would keep PI vulnerable to further declines. The next support zone is near $0.62–$0.625, a region tested multiple times over the past two weeks.

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Bitcoin is trading above all-time highs once again, having surged past the $110,000 mark just hours ago. The breakout signals strong bullish momentum as BTC enters a fresh price discovery phase. Investor sentiment remains upbeat, with many analysts speculating on how far this rally could extend. While some foresee an extended bull run powered by macro trends and institutional flows, others caution that overheated levels could trigger sharp pullbacks.

One critical piece of data drawing attention comes from CryptoQuant: since the collapse of Luna in 2022, average weekly trading volumes for the BTC/USD pair on centralized exchanges (CEXs) have sharply declined. From a peak of 2.9 million BTC traded weekly in July 2022, volumes have fallen to just 426,000 BTC as of yesterday’s session.

This drop in exchange activity suggests two key dynamics. First, a reduced supply of BTC on exchanges often correlates with long-term holding behavior, typically a bullish signal. Second, lower sell-side liquidity may increase volatility, especially in the face of rapid price movements. As Bitcoin continues its upward march, the absence of significant volume on CEXs could either accelerate gains or magnify corrections depending on investor reaction in the days ahead.

Bitcoin Low Exchange Volume Adds Fuel To Bullish Outlook

Bitcoin is showing resilience in the face of macroeconomic headwinds. While U.S. equities dipped yesterday due to rising yields in Treasury Bonds, Bitcoin climbed steadily, signaling that market participants may be rotating capital into hard assets amid uncertainty. This relative strength highlights BTC’s appeal as a hedge, particularly when traditional markets waver.

However, despite the bullish momentum, a key hurdle remains at the $115,000 level. Breaking above this resistance would confirm the next phase of the rally and open the door to higher price discovery. Conversely, a failure to hold above current levels around $110,000 could invite a swift correction back to previous support zones. Traders are watching closely, as volatility could rise quickly.

Top analyst Axel Adler added meaningful context to the broader trend. According to Adler, after the Luna collapse in 2022, weekly trading volumes for the BTC/USD pair on centralized exchanges (CEXs) have plummeted—from 2.9 million BTC in July 2022 to just 426,000 BTC this week.

This long-term decline in exchange activity is viewed as a bullish structural shift. It signals a move toward long-term holding behavior and a tightening of available supply. With fewer coins circulating on exchanges, sell-side pressure is reduced, creating a supportive backdrop for continued upward price action.

BTC Price Action Shows Strong Momentum

Bitcoin is trading at $110,855 after briefly reaching $111,163, signaling strong upward momentum and continuation of the bullish trend. On the 4-hour chart, BTC has consistently posted higher lows and higher highs since the bounce off the $100K support level on May 15. The recent breakout above the $108K resistance level triggered a surge in buying volume, pushing BTC into uncharted territory.

Key technical indicators support the bullish bias. The 200-period simple moving average (SMA) at $98,024 and the 200-period exponential moving average (EMA) at $98,826 are trending upward, confirming strong underlying trend support. Volume spikes in the last two sessions also suggest strong conviction from buyers as BTC entered price discovery.

However, the price is beginning to show signs of potential exhaustion. The latest candles exhibit long wicks on the upper side, hinting at selling pressure near local highs. If BTC fails to maintain momentum, a retest of the $108K breakout level could occur. Immediate support lies around $103,600, with $100K as the psychological floor.

Featured image from Dall-E, chart from TradingView

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Although price movement has been limited, on-chain data suggests that certain underlying shifts could influence market behavior in the near term.

Ethereum Sees Plunge In Spot Volume

CryptoQuant analyst Darkfost has reported that Ethereum’s spot volume is experiencing a consistent decline. His analysis focuses on a bubble chart that visualizes two dimensions: the size of each bubble represents spot volume, and its color indicates the volume change rate.

According to the data, the bubbles have become progressively smaller and lighter in color, indicating that fewer trades are being conducted and that the pace of decline in volume is slowing.

While declining spot volume may traditionally be viewed as a sign of reduced investor interest or weak momentum, Darkfost interprets it differently in the context of a market correction.

He suggests that a decline in spot volume during a downtrend can act as a stabilizing force, potentially reducing the likelihood of sharp volatility spikes caused by large sell orders.

Lower volume during a corrective phase could mean that sellers are exhausting their positions or stepping aside, creating conditions for price consolidation. This can ease the intensity of downward pressure and potentially pave the way for a more balanced market structure in the short term.

However, Darkfost was cautious in his interpretation, noting that cooling volume doesn’t necessarily mean the market has bottomed out. Instead, it could simply mark a temporary pause in volatility before the next move.

Long-Term Holders Increase Exposure Despite Unrealized Losses

Meanwhile, in a separate update, CryptoQuant analyst Carmelo Alemán explored Ethereum’s long-term holder behavior and revealed that many ETH investors continue to accumulate, even while sitting in unrealized losses.

Accumulation addresses, defined as wallets that consistently receive ETH without significant selling, are generally seen as strong hands with longer investment horizons.

According to Alemán, March 10 marked a pivotal moment when the average realized price of accumulation addresses fell below ETH’s market price, pushing these wallets into negative territory.

Despite this, the data shows that accumulating addresses have increased their balances by over 22% between March and early May, growing from 15.5 million ETH to 19 million ETH.

This behavior reflects strong conviction and suggests that long-term holders believe Ethereum is undervalued at current prices. Historically, such accumulation during downturns has preceded upward price movements, as reduced supply on the market creates favorable conditions for a rally when demand returns.

Featured image created with DALL-E, Chart from TradingView

China’s finance ministry has raised tariffs on select US imports to 125%, matching the United States’ most recent escalation and signaling continued parity in the trade conflict.

The tariff adjustment, announced early Friday, comes just two days after Beijing raised duties to 84%, following Washington’s move to impose higher import taxes on Chinese goods.

The decision took effect immediately and was accompanied by sharply worded statements from Chinese officials who framed the measures as a defensive response to what they labeled unilateral economic aggression.

The Chinese foreign ministry described the US actions as “hegemonic” and “bullying,” while the commerce ministry called the move a “mistake on top of a mistake.”

Per BBC News, Beijing stated it would not escalate further but warned against continued US tariff pressure, describing the latest hike as contrary to international economic norms.

Beijing’s Commerce Ministry told the BBC that US tariffs have turned into

“A numbers game with no practical significance in economics[…] It will become a joke.”

Cross-Asset Response Reflects Diverging Risk Narratives

The market reaction reflected uncertainty about how deeply the tariff escalation would affect global trade and capital flows. While traditional safe-haven assets received modest inflows, risk assets moved unevenly.

Bitcoin, which had dipped approximately 0.60% before the announcement as broader risk assets sold off, briefly recovered after 9:00 A.M GMT but ultimately remained near flat at $81,292.68 as of press time, down 0.07% intraday.

The mixed response highlights an ongoing debate over Bitcoin’s role as a macro hedge. Some investors treat it as a store of value during geopolitical tension, while others view it as a high-beta asset sensitive to broader market sentiment. The indecision mirrors behavior seen during previous trade disputes, where crypto’s utility as a safe-haven asset remains context-dependent.

In contrast, gold rose steadily, gaining 0.35% over the session. The metal’s upward momentum continued past the announcement, consistent with previous episodes of trade friction. Gold’s price behavior suggested capital rotation out of equities and into hard assets that are less vulnerable to trade volume disruption.

US Treasury bonds also attracted demand. Prices on the 10-year bond climbed by 0.12%, driving yields lower and reflecting investor caution. Falling yields often signal expectations for slower economic growth or future Federal Reserve rate cuts.

The uptick in demand aligns with a broader risk-off sentiment, especially in anticipation of further policy tightening or retaliatory economic measures. Still, it contrasts with recent declines in bond prices along with equities. The move, while modest, indicates a renewal in US bonds as a flight to safety after the sell-off earlier this week.

Oil Declines Sharply, Yuan Static

Oil posted the most notable downside move across assets. Prices fell 1.02% as traders recalibrated demand expectations under the assumption that extended trade disputes could constrain global industrial activity. The move reflects sensitivities to macroeconomic indicators that suggest trade barriers could reduce energy consumption, particularly in manufacturing-heavy regions.

Meanwhile, Chinese bonds mainly remained unchanged. The proxy 10-year Chinese government bond posted a marginal increase of just 0.01%, hinting at either a fully priced-in market or expectations that the People’s Bank of China may intervene to ensure currency stability. Such muted movement implies investors anticipate limited near-term volatility in foreign exchange markets despite the tariff escalation.

The S&P 500 (SPY proxy) slipped 0.63% in pre-market trading, reflecting cautious sentiment and a continued wholesale move out of equities.

Broader Trade Landscape

The tariff increase follows a pattern of reciprocal moves that began with the Trump administration’s sweeping import tax policies. Since the start of the trade confrontation, Beijing has matched Washington’s escalation with near-equal tariff hikes. The cumulative increases have driven both sides’ duties to historically elevated levels, with a stated 125% tariff now becoming the baseline for many products.

Taiwanese President Lai Ching-te separately noted that Taiwan is engaged in early negotiations with Washington after a temporary pause reduced US tariffs on the island’s exports from 32% to a 10% baseline. Per BBC News, Lai stated that his government remains committed to securing favorable outcomes to protect industrial interests.

Whether the tariff ceiling holds or triggers new rounds of retaliation remains uncertain. For now, investors appear divided in their interpretation of what elevated tariffs signal, either an inflection point in trade relations or an entrenched state of economic separation between the world’s two largest economies.

While commodities like gold and bonds continue to absorb geopolitical risk in traditional ways, Bitcoin’s identity straddles both ends of the spectrum. Its lack of clear directional conviction may reflect broader hesitancy to assign it a fixed role in macroeconomic crises, at least until clearer signals emerge from either central banks or geopolitical actors.

Mentioned in this article

Bitcoin, the world’s largest cryptocurrency, started 2025 on uncertain footing after reaching record highs in late 2024. By early March, its value had dropped by more than 20% after climbing past $100,00 in December, raising concerns about broader market stability.

This downturn has had ripple effects across the digital asset space, particularly on Ethereum—the backbone of the NFT market. As Bitcoin and Ethereum prices slide, questions arise about how the NFT sector will respond. With declining market activity, shrinking investor participation, and environmental concerns resurfacing, the NFT landscape faces significant challenges.

The decline has been attributed to economic instability, regulatory pressures, and security incidents that have shaken investor confidence.

Current Predictions on Bitcoin vs. Ethereum

Ethereum followed Bitcoin’s decline in early 2025, dropping from a high of $3,688.61 in January to approximately $2,090.61 by March but whilst this downward trend aligns with Bitcoin’s struggles, analysts note differing investor sentiment between the two cryptocurrencies. Some remain optimistic about Ethereum’s potential for recovery, citing historical trends where it rebounded after Bitcoin halving events in 2017 and 2021.

Ethereum’s broader utility in smart contracts and dApps also distinguishes it from Bitcoin, with real-world use cases in industries such as online gaming and digital transactions. At an Ethereum casino, for example, faster processing times allow players to deposit funds, start playing without delay, and withdraw winnings promptly. In addition, Ethereum’s support for smart contracts enables automated and provably fair gaming experiences, ensuring that game outcomes are fair and transparent.

Despite the downturn, both Bitcoin and Ethereum continue to be widely used across industries, including DeFi, online payments, and digital collectibles.

What are the factors contributing to Bitcoin’s decline?

In early 2025, economic instability played a key role in Bitcoin’s decline such as a new U.S. policy introducing a 25% tariff on imports from Canada and Mexico caused uncertainty in financial markets, leading to a pullback from riskier assets like cryptocurrencies.

At the same time, the Federal Reserve hinted at potential interest rate hikes to curb inflation. Historically, such actions have resulted in lower investment in digital assets, as investors seek more stable assets such as bonds and gold.

Cybersecurity also remains a major issue in the crypto sector. For instance, in February 2025, a popular cryptocurrency exchange suffered a $1.5 billion hack, shaking investor confidence. Large-scale Bitcoin sell-offs followed, contributing further to its price decline.

Additionally, Institutional investors played a major role in Bitcoin’s late-2024 surge through ETFs. However, in Q1 2025, ETFs have seen outflows exceeding $1.1 billion, indicating that institutional confidence in Bitcoin has weakened and added downward pressure on the asset’s price.

How is this impacting the overall market?

As Bitcoin and Ethereum prices drop, the NFT market has also seen a decline in activity. Analysts predict a decrease of approximately $75 million in NFT marketplace revenues in 2025, reflecting reduced speculative interest and investor caution. The number of active NFT wallets has also been steadily declining for three years, with 2025 continuing this trend. Casual investors are exiting the market, leaving behind a smaller base of dedicated traders and institutional participants.

Bitcoin’s downturn also reignited debates over the environmental impact of blockchain technology and some businesses and investors are reconsidering their involvement in NFTs due to concerns about the high energy consumption of proof-of-work blockchains.

Several NFT projects and companies have also felt the effects of Bitcoin’s downturn. For example, RTFKT has announced its closure in early 2025, underscoring the struggles faced by NFT-based brands. Developers of blockchain-based games, including Axie Infinity and Otherside, are reducing operational costs due to waning demand for in-game NFT assets, and leading NFT marketplaces such as OpenSea and Blur have reported a drop in trading volumes. Whilst established collections like Bored Ape Yacht Club (BAYC) retain some market value, smaller NFT projects are facing difficulty in attracting buyers.

Bitcoin’s volatility is a known characteristic, and its recent decline does not necessarily indicate a long-term collapse with some believing that Bitcoin could recover later in 2025 if economic conditions stabilize and investor sentiment improves. The speculative boom has slowed, and projects focusing on practical applications may have better chances of long-term survival but whether NFTs can weather Bitcoin’s downturn will depend on how the sector adapts to evolving investor demands and market conditions.