In the last 48 hours, over **41 million $PI tokens** —equivalent to approximately **$27 million USD**— have been purchased on platforms like OKX and withdrawn to private wallets. This behavior, commonly attributed to high-capitalization actors (whales or institutions), generates several key analysis points:
1. Significant reduction in liquidity on CEX:
Mass withdrawals decrease the circulating supply available for trading. This contraction of liquidity **amplifies price sensitivity** to any increase in demand, which has historically preceded explosive bullish movements in other crypto assets.
2. Strategic accumulation:
More than **13 million $PI withdrawn only from OKX** reflects a possible long-term holding strategy. This suggests **confidence in the future valuation** of the token, especially if full integration on mainnet or new listings are expected.
3. Potential bullish pressure signal:
The sustained decrease in float on trading platforms creates technical conditions that favor a **squeeze on supply**, particularly if coinciding with adoption events, fundamental announcements, or coordinated speculation.