Over 15.7 million Pi Coins (PI) were withdrawn from OKX in the past 24 hours. This came after the exchange resumed withdrawals following a temporary suspension.
Large outflows from exchanges are typically viewed as a positive sign of investor confidence and long-term holding. However, Pi Coin’s price still dipped during the same period, suggesting cautious market sentiment.
SponsoredInvestors Pull 15.7 million Pi Coins From OKX
OKX, the first exchange to list PI, recently paused withdrawals—an issue widely highlighted by many Pioneers on X (formerly Twitter). According to user-shared screenshots, the pause was attributed to wallet maintenance aimed at enhancing security.
It wasn’t just OKX. Other pioneers highlighted that crypto exchange Pionex also implemented a similar suspension, raising further user concerns.
While initially sparking frustration, these halts have also fueled speculation about upcoming technical upgrades or integrations related to Pi Network’s mainnet transition.
“No official reason yet — but history tells us: This often happens before major integrations or upgrades,” a Pioneer noted.
Notably, after OKX reopened withdrawals, a sharp wave of outflows followed. According to PiScan data, more than 15.7 million PI tokens left OKX within 24 hours, bringing the total withdrawn across all platforms to over 17.5 million during the same timeframe.
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While the recent withdrawals reduced exchange balances, overall reserves have been trending upward — from 263 million PI in March to 409 million in August, and now over 433 million. This marked a rise of 65% since March.
This steady increase indicates more tokens being held on exchanges, a trend often seen as a sign of growing selling pressure.
Pi Coin Faces Selling Pressure
Meanwhile, the selling sentiment surrounding PI is evident in its market performance, as even the token exodus failed to impact its price. While many cryptocurrencies have recorded gains this month, PI has dipped 1.4%, moving in the opposite direction of Bitcoin and most altcoins.
Pi Network’s ongoing expansion, including new DeFi tools and token creation features, has also not translated into market gains. According to BeInCrypto Markets data, PI’s price fell 1.03% in the past 24 hours, settling at $0.259.
Adding to the pressure, Pi Coin faces ongoing oversupply concerns. With 138.2 million tokens set to unlock in October alone, the influx could weigh further on the altcoin’s already fragile price performance this month.
