The Pi Network project has entered a critical phase as over 102 million Pi have been withdrawn from OKX this week. This significant move comes amid price volatility and renewed debate over the long-term value of the token. With Pi Coin trading near $0.81, market watchers are closely monitoring on-chain activity and futures market behavior for directional cues.
Pi Network Faces Liquidity Concerns
According to verified on-chain data, over 102.7 million Pi have been withdrawn from OKX in the past three days. Some transactions exceeded 70 million Pi, indicating that these moves are associated with high-net-worth entities or participating institutions. This unusual activity has heightened scrutiny on Pi Network's liquidity status and market behavior.
Pi Coin's price dropped more than 3% as withdrawal volume increased, nearing a critical support level of $0.79. Market participants are closely watching for signs of recovery or further price decline. The recent pullback follows a brief price surge that saw Pi spike to $1.60 before sharply declining.
Despite this decline, some view the trend of withdrawals as a sign of trust in the Pi Network project. Supporters argue that large-scale movement to wallets could signal intention for long-term holding. However, others raise concerns about market manipulation and lack of official communication.
Pi Coin Faces Resistance and Funding Pressure
Pi Coin faces resistance between $0.99 and $1.20, slowing its price increase. The relative strength index hovers around 52, indicating a neutral condition but approaching oversold levels. If buyers regain control, the price may soon test higher resistance levels.
Future trading data reflects a different story, with open interest in Pi Futures skyrocketing above $10,000 before sharply declining. This coincided with a short-term price increase of Pi in early March. However, the lack of sustainable bullish confidence was revealed as prices and open interest fell.
Meanwhile, the funding rate remained negative throughout March, reaching a low near -0.150%. This indicates that short sellers have dominated the market, paying fees to maintain bearish positions. The persistence of the negative funding rate aligns with ongoing downward pressure on the token's price.
Issues Regarding Cloud Liquidity Transparency
In May 2025, Pi Network recorded an unusual migration of 7 million Pi across nearly 19,500 accounts in just 24 hours. This pattern indicates some automation and increased movement, but questions soon arose. Observers noted multiple transfers from Pi's liquidity reserves to exchanges, including OKX and MEXC.
Although these moves align with the tokenomics of Pi Network, the lack of detailed updates from the Pi Core Team raises concerns. The community is currently demanding regular transparent reports to ensure trust in the project's direction. Many urge the team to clarify future exchange listings and reserve fund strategies.
This could be a crucial stage for the Pi Network project as it transitions from testing to actual utility. Increasing on-chain activity suggests that infrastructure is being activated for wider adoption. However, the project must address liquidity issues and market stability to maintain momentum.