Hedera is showing one of the clearest disconnects between network activity and token price in the crypto market right now.

HBAR is trading near $0.066 after losing roughly 28% over the past month, yet Hedera processed more than 20 million transactions during the recent monthly period, with its busiest days topping 800,000 transactions.

That contrast was shared by Giannis Andreou, who pointed out that network usage, ETF demand and protocol development have continued even as HBAR price moved toward multi-month lows.

The question is why none of it has been enough to stop the selloff.

What you'll learn 👉

Hedera Activity Is Rising While HBAR Price Falls

The network-usage numbers are the most interesting part of the story.

More than 20 million transactions over a month works out to roughly 650,000 per day on average, with peak days above 800,000.

That is meaningful activity, particularly for a network that continues positioning itself around payments, tokenization and enterprise applications.

Yet HBAR has moved in the opposite direction.

The token trades around $0.065-$0.066 today and is down roughly 9% over the past week. It is also nearly 89% below its 2021 all-time high.

⚡ $HBAR IS DOWN 28% WHILE HEDERA CLOCKS 20 MILLION TRANSACTIONS. Hedera processed more than 20 million transactions over the past month, with its busiest days topping 800,000. Canary’s spot HBAR ETF drew $2.73 million in inflows on November 4. Meanwhile, Hedera’s planned v0.79 testnet upgrade was canceled without a replacement date. HBAR was trading near $0.067 after falling 28% over the month.

October alone was brutal. Historical data shows HBAR falling from about $0.105 at the start of the month to roughly $0.072 by the end, a decline of more than 30%.

HBAR ETF Demand Has Not Disappeared

Institutional demand has not vanished either.

Canary Capital’s HBAR ETF recorded approximately $2.7 million in net inflows on November 4, followed by another positive session shortly afterward.

The ETF itself directly holds HBAR to provide exposure to the token’s price. Canary reported roughly $58 million in net assets at the end of October.

That makes the price weakness more interesting.

ETF inflows represent real demand, but they are still relatively small compared with HBAR’s multi-billion-dollar market capitalization and daily trading volume. A few million dollars of buying is unlikely to reverse a broad market selloff by itself.

Read also: Analyst Makes an Optimistic Hedera (HBAR) Price Prediction!

One Negative Headline Was Less Serious Than It First Appeared

Andreou also mentioned Hedera’s planned v0.79 testnet upgrade being canceled.

That did happen.

The November 4 upgrade was initially canceled on November 2. But the story did not end there.

Hedera rescheduled the testnet upgrade and successfully completed v0.79 on November 6 in roughly seven minutes.

So describing the upgrade as canceled “without a replacement date” is now outdated.

The postponement may have briefly added uncertainty, but the upgrade was subsequently completed and is unlikely to explain HBAR’s continued weakness.

Why Has HBAR Failed to Respond?

The simplest explanation is that token price and network usage do not always move together.

HBAR still trades as a high-beta altcoin.

When Bitcoin and the broader crypto market are crashing, smaller assets often suffer disproportionately regardless of individual network progress.

There is also no automatic mechanism forcing rising transaction counts to create equivalent buying pressure for HBAR.

The network can process millions of low-cost transactions without requiring users to accumulate large amounts of the token.

That is why the key metric is not transaction count alone.

Traders also need to see higher fee generation, sustained token demand, growing capital locked into applications and continued institutional participation.

What Would Change the HBAR Price Structure?

HBAR is now sitting close to its 2026 lows around $0.064-$0.065.

That makes this area important.

A recovery above $0.07 would be the first sign that buyers are regaining control. The larger resistance area remains around $0.09-$0.12, which several recent technical setups have identified as the next meaningful zone if HBAR can establish a bottom.

If $0.064 fails, however, the divergence between Hedera’s network progress and HBAR price could continue for longer.

For now, Hedera is delivering the kind of activity bulls want to see.

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