Pi Coin (PI) has demonstrated conflicting market signals over the past two weeks following the launch of Valour's Pi Coin Exchange-Traded Product (ETP) on the Swedish Spotlight Stock Market in late August. Despite initial optimism that the ETP would provide a bullish catalyst, the product has seen extremely low uptake with minimal trading volumes - some days recording just a single trade - indicating weak institutional and retail demand in European markets.
While the ETP struggles with a 1.9% management fee and lack of investor interest, Pi Coin itself has shown resilience. The cryptocurrency recently surged to $0.36, its highest level this month, representing a 3%+ rally within 24 hours. This price movement coincided with observed whale activity, including a significant purchase of 441,549 PI from OKX exchange by a whale wallet that now holds 373 million PI tokens.
On-chain data revealed increased address activity with Pi moving from exchanges to private wallets, suggesting potential accumulation. The Pi Network has also implemented strategic changes including a 1.23% reduction in September mining rewards to increase token scarcity. Additionally, the network upgraded from protocol 19 to 20 (still in testnet phase) as part of a planned gradual upgrade to protocol 23, aimed at improving KYC measures and moving toward community-based governance.
Technical indicators show mixed signals with the MFI maintaining a downtrend despite recent price improvements, suggesting demand recovery remains fragile. Analysts note that while the heavily discounted Pi Coin presents potential for rallies, sustained demand remains uncertain given the ETP's poor performance and broader market skepticism.