Pi Network (PI) Surges 11% Amid OKX Supply Shock, Faces Critical Test

Pi Network (PI) experienced an 11% price surge after over 86 million tokens were withdrawn from OKX exchange, drastically reducing the platform’s reserves to just 21 million. This move has sparked speculation of a coordinated supply squeeze by large holders aiming to limit circulating supply and drive prices higher. Technical indicators present mixed signals, with momentum tools like DMI and EMA indicating growing strength, while volume-based metrics suggest potential volatility ahead. As of May 22, 2025, the cryptocurrency market watches closely to see if this supply shock will sustain PI’s upward momentum or if it faces a key resistance test in the near term.

Pi Network (PI) Jumps 11% on Supply Shock, but Faces Key Test Ahead

Pi Network (PI) surged 11% following the withdrawal of over 86 million tokens from OKX exchange, slashing the platform’s reserves to just 21 million. Speculation of a coordinated supply squeeze has emerged, with large holders potentially limiting circulating supply to drive prices higher.

Technical indicators show mixed signals. Momentum tools like DMI and EMA suggest growing strength, while volume-based metrics such as CMF indicate lingering indecision. The next few days will be critical in confirming whether PI’s rally can sustain.

Community chatter on X has amplified the supply shock narrative, though concrete evidence of market manipulation remains unverified. The token now faces a crucial test of its breakout potential.

OKX Launches xBTC on Sui Network as Bitcoin Nears All-Time High

Global cryptocurrency exchange OKX is introducing xBTC, a new Bitcoin-pegged asset, on the Sui blockchain. This marks one of only three chains selected for the debut. xBTC bridges centralized finance security with decentralized finance accessibility, minted directly from OKX’s platform.

Bitcoin’s price surge adds significance to the launch, with the cryptocurrency hovering just 3% below its $109,000 all-time high. A 21% monthly gain reflects growing investor interest, though market sentiment indicators flash "Greed" warnings.

The Sui network emerges as a Bitcoin DeFi powerhouse as total value locked in Bitcoin-related protocols climbs. xBTC aims to drive further adoption and liquidity in the evolving BTCfi ecosystem.