The supply of Pi Network (PI) tokens held on centralized exchanges (CEXs) has surged more than 30% over the past three months. Trading activity for the coin has also collapsed by over 90%, on-chain data shows. The contradictory metrics has prompted some analysts to warn investors of immense sell pressures and a possible downward price action. According to updated data tracked on Piscan and exchange wallet dashboards on Wednesday, the total number of Pi coins stored across exchanges has grown from 263 million in March to 345 million in mid-June 2025. As of the latest reading, CEXs now collectively hold 346.8 million PI tokens. The rise in supply is against the backdrop of a decline in trading volume, falling from over $5.4 billion weekly in May to under $500 million this week. Exchange balances rise spells sell-side risk Detailed data from several top exchanges shows that OKX, ranked fourth on CoinMarketCap, currently holds over 28.5 million PI tokens, despite having a net outflow of 741,272 PI in the last 24 hours. Bitget, which holds the second-largest volume at 118.5 million PI, also recorded a negative 24-hour net flow of 171,036 coins. PI balance on CEX wallets. Source: Piscan Gate.io, with 163.2 million PI, is the highest among the observed CEX wallets, registering a 24-hour net outflow of over half a million coins. Overall, centralized exchange wallets processed more than 8 million PI in deposits and over 9.2 million in withdrawals in the past day alone. The withdrawals resulted in a net daily outflow of 1.13 million PI from CEXs, yet the total wallet holdings are still on the rise, even as new inflows arrive faster than existing withdrawals. The cumulative dollar value of PI stored on these exchanges now stands at approximately $187.9 million. Outflows from Pi Foundation wallets rattle community On the wallet activity scan, Pi Foundation team wallet address “GBQQRIQK…HJI25” offloaded 50 million PI in the last 24 hours, the single largest outgoing transaction recorded. This transaction was not offset by any corresponding incoming flow. Another Foundation wallet, “GAB7TEMP…4GC5G” received 50 million PI and sent out approximately 6.97 million, ending the day with a net positive flow of over 43 million tokens. These internal movements could be strategic reallocations, but the sheer scale of transactions and timing relative to falling market volume has sparked chatter of impending liquidity injections into exchanges. Altogether, the Pi Foundation and its associated wallets currently hold more than 72.5 billion PI tokens, valued at over $39.3 billion. Most remain inactive, but the selective movement of millions in PI tokens is contributing to anxiety about potential oversupply and price impact. Despite the on-chain warnings and chart-based bearish signals, the Pi Network’s dedicated community, known as Pioneers, is focused on the platform’s Global Consensus Value (GCV) of $314,159. Many community members view the market exchange price as unrepresentative of Pi’s true value, choosing instead to hold their assets or transact through the in-app barter system. Still, the current sentiment is of a community frustrated with the Core Team’s lack of visible progress. Weekly trading volume for PI has shrunk by more than 90% in a single month, dropping from $5.4 billion to less than $500 million, according to CoinMarketCap. Declines in volume often precede sharp corrections, especially in markets already flooded with tokens. $Pi is trading at $0.62 and is just getting hammer down with each $BTC dip. The strength & power to go up is gone with an always decreasing trading volume. The trading volume over the last weeks: May 12th: $5.46B May 19th: $1.53B May 26th: $902M Jun 2nd: $484M (so far) Sadly,… pic.twitter.com/KXXBUj01dv — pinetworkmembers (@pinetworkmember) June 12, 2025 “The strength and power to go up is gone with an always decreasing trading volume,” one user wrote on X. Even moderate selling pressures could push PI’s price lower, as buyers may be insufficient to absorb the increasing supply. KEY Difference Wire helps crypto brands break through and dominate headlines fast
