OKX Analyst Warns of Market Euphoria as Bitcoin Retreats Amid Profit-Taking

Bitcoin experienced a slight pullback, dropping 1.8% to trade above $117,800 as East Asian markets opened, with traders capitalizing on gains following its recent record-breaking rally. Despite bullish projections targeting $160K-$200K, OKX's Lennex Lai highlighted growing risks, comparing current market sentiment to periods of excessive optimism. Lai pointed out that aggressive long positions and widening funding rates reflect the heightened enthusiasm surrounding 'Crypto Week.' Meanwhile, AI tokens gained traction, buoyed by positive momentum from tech giants like Google and Meta. This shift underscores the dynamic nature of the crypto market, where profit-taking and sector rotation can quickly alter trends. Investors are advised to remain cautious as the market navigates between euphoria and consolidation.

Bitcoin Retreats Amid Profit-Taking as AI Tokens Gain on Google, Meta Momentum

Bitcoin slipped 1.8% to trade above $117,800 as East Asian markets opened, with traders locking in gains after the cryptocurrency's relentless rally to successive record highs. While bullish forecasts of $160K-$200K targets proliferate, OKX's Lennex Lai cautions that risk accumulation now mirrors market euphoria. "Aggressive long positions and widening funding rates reflect 'Crypto Week' optimism," Lai noted, flagging potential triggers for correction including U.S.-EU trade tensions and this week's macroeconomic data deluge.

Meanwhile, AI-focused tokens outperformed as tech giants Google and Meta fueled sector enthusiasm. The divergence highlights a market parsing short-term technical pressures against structural narratives—with Bitcoin's pullback framed as healthy consolidation rather than trend reversal.

Mystery Wallet Accumulates 315 Million Pi Network Tokens, Sparking Speculation

A wallet labeled ODM has withdrawn 2.8 million Pi tokens from OKX, bringing its total holdings to over 315 million—equivalent to roughly $60 million at current prices. The movement follows an earlier 3.5 million PI withdrawal, with blockchain analysts suggesting coordinated accumulation.

While the wallet's owner remains unidentified, Pi Network community members speculate involvement by the project's Core team. The pattern mirrors Bitcoin's early "Satoshi wallets," fueling theories about imminent ecosystem upgrades or exchange listings. PiScan data shows the tokens remain unmoved since transfer.

Market observers note the timing coincides with PI Network's transition from testnet to mainnet. Large-scale token movements by non-exchange entities often precede major liquidity events, though PI remains unlisted on top-tier exchanges like Binance or Coinbase.