In the last 24 hours, over 15.7 million Pi Coins (PI) were withdrawn from the cryptocurrency exchange OKX, which recently resumed withdrawals after a temporary suspension. This surge in outflows indicates a notable level of confidence among investors, who often view large withdrawals as a signal of their intent to hold assets for the long term.
The resumption of withdrawals at OKX followed a period of pause that had generated significant attention from the user community, particularly on X (formerly Twitter). According to user-shared screenshots, the pause was related to wallet maintenance aimed at improving security protocols. Concerns were not limited to OKX, as similar suspensions were reported at Pionex, another cryptocurrency exchange, leading to increased speculation among users about potential upcoming technical upgrades or integrations concerning Pi Network’s mainnet transition.
A member of the community remarked that while there had been no official explanation for these suspensions, history suggests they often precede major integrations or enhancements. Once OKX reactivated withdrawals, a notable wave of outflows ensued. Data from PiScan revealed that withdrawals exceeded 15.7 million PI tokens from OKX alone, contributing to a total of over 17.5 million tokens withdrawn across various platforms within the same period.
Despite this significant exodus, the price of Pi Coin experienced a decline. The token’s market performance has been under pressure, as it recorded a 1.4% drop while other cryptocurrencies have seen upward trends during the same timeframe. Pi Coin settled at approximately $0.259, reflecting a 1.03% decrease in the past 24 hours.
The dynamics around Pi Coin’s supply on exchanges have also shifted noticeably. While the recent withdrawals have decreased the immediate balances on exchanges, total reserves have seen an increase—from 263 million PI in March to over 433 million in recent months. This 65% rise indicates more tokens being held on exchanges, which is often interpreted as a potential indicator of growing selling pressure.
Moreover, concerns about oversupply are exacerbated by the impending unlock of approximately 138.2 million tokens scheduled for release in October. This expected influx could further place downward pressure on Pi Coin’s already hesitant price performance, complicating the outlook for the altcoin amid ongoing expansions and the introduction of new DeFi tools by the Pi Network.
