The cryptocurrency market experienced a bullish trend during the week, with Bitcoin (BTC) setting a new record high of $111,980 and receiving more optimistic predictions. The investment trends of U.S. states and regulatory developments were focal points, while Pi Network's price surge also garnered attention.

Here is a summary of some key developments in the crypto market this week:

One of the most notable events this week in the crypto world was the disclosure of U.S. states' $632 million worth of holdings in MicroStrategy's (MSTR) stock. According to BeInCrypto, these holdings increased by an average of 42% in the first quarter of 2025.

California, through its state teachers and public retirement funds, led with $276 million in MSTR shares, followed by Florida, North Carolina, and New Jersey. Despite recently vetoing a Bitcoin reserve bill, Arizona still increased its MSTR holdings.

Other states such as Utah and Colorado showed substantial growth in their MSTR investments, with Utah's holdings growing by 184% in the last quarter. Meanwhile, the Wisconsin Investment Board increased its MSTR position by 26% but sold off its entire $300 million stake in BlackRock's Bitcoin ETF.

This highlights that MicroStrategy, the largest corporate holder of Bitcoin with 576,230 BTC, has become a preferred option for states looking to gain indirect exposure to cryptocurrencies without the complexities of direct ownership.

Pi Network has been a topic of discussion since its open network launch in late February 2025. This week, Pi Coin (PI) made headlines due to a 11% price increase. BeInCrypto noted that the trigger for this uptick was an 86 million withdrawal from the OKX exchange, reducing OKX's PI token balance to just 21 million. This large-scale movement suggested investor confidence in future price appreciation.

However, the positive momentum was short-lived. Following the rise, further declines occurred. In the past day alone, Pi Coin's value depreciated by 4.7%. At the time of writing, it was trading at $0.79.

In addition to its underwhelming price performance, Pi Network has faced criticism over its inability to secure listings on major exchanges like Binance or Coinbase. Concerns about its lack of recognition on price tracking platforms, token distribution, node centralization, and migration challenges have added to the growing list of issues.

Another crypto-related event 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 is alleged to have committed 'large-scale fraud.'

In response to the arrest, Blum swiftly distanced itself from Smerkis and his involvement in the project.

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. The rally continued, with the price climbing further.

Yesterday, BTC reached a new record high of $111,980, a level yet to be surpassed. Analysts are increasingly optimistic about Bitcoin's future prospects.

Mathematician and analyst Fred Krueger predicted that Bitcoin's price could reach $600,000 by October 2025. His prediction is based on a series of speculative developments starting on July 21, with BTC priced at $150,000.

The supposed drivers for Bitcoin's rise to $600,000 include a failed U.S. Treasury auction, BRICS nations launching a Bitcoin-backed payment system, countries shifting reserves to Bitcoin, rising Treasury yields, a collapse in U.S. real estate, tech companies adopting Bitcoin, and a potential restructuring of the U.S. dollar at an October summit.

Beyond the price, Bitcoin also dominated the regulatory sphere. This week in crypto, Texas's Senate Bill 21 passed its second House reading with a 105-23 vote. Shortly after, it passed the third and final reading by a vote of 101-42.

The bill, aimed at creating 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, signaling a likely approval.

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 U.S. state to establish its own Bitcoin Reserve, following New Hampshire.

以上内容由悟空财富根据公开信息整理，与本站立场无关，如存在问题请联系我们，本文为数据整理，不对您构成任何投资建议，投资有风险，请谨慎决策。