While unlocked $Pi entering CEXs does increase supply, the daily trading volume on spot markets is often sufficient to absorb that supply without major price impact.
The real pressure seems to be coming from derivatives markets, where aggressive shorting with high leverage is driving down prices more than spot selling. This leverage induced volatility is something to watch more close !
You can check the volume difference of spot & Derivatives!
I think @PiCoreTeam should stop $Pi derivatives & it should be requested to CEX before completing KYB to not allow derivatives!
$Pi purpose & design is not for speculative trading but for daily payments with stability!