Pi Network (PI) Confronts Bearish Pressure as Exchange Reserves Surge to 420 Million

Pi Network's token is facing increasing bearish momentum as exchange reserves reach a record 420 million PI, indicating heightened selling activity. The addition of 11 million more Pi tokens to centralized exchanges within just two weeks coincides with consistently low trading volumes under $100 million—setting the stage for potential further declines.

September's scheduled unlock of 164 million PI tokens presents another challenge. These planned releases, part of the network's token distribution strategy, could worsen selling pressure in an already vulnerable market. Recent network enhancements, including the Linux-compatible Pi Node and Protocol v23, have not spurred price movement.

This bearish technical outlook contrasts with community optimism. European digital asset manager Valour's introduction of new crypto ETPs—including a PI-linked product—suggests a possible institutional entry point. However, current market dynamics favor sellers, with exchange supply growth exceeding demand.