China, which has strict restrictions on Bitcoin ($BTC) and cryptocurrencies, has issued a new ruling.
Accordingly, the Licang District Court in Qingdao City, China, ruled that Bitcoin constitutes property under criminal law.
According to the Chinese local news agency Shandong Legal Daily, the Licang District Court in China ruled that Bitcoin is considered property under criminal law in a case involving the theft of 107 $BTC.
The defendant, surnamed Zhang, was sentenced to 10 years and 9 months in prison and fined 100,000 yuan (approximately $13,800) for stealing funds by using the victim’s crypto wallet recovery statement.
The court ruling emphasized that Bitcoin meets the legal requirements for being considered property because it has economic value and can be exclusively controlled.
The value of the stolen Bitcoin was estimated to be over $3 million, based on the more than 660,000 yuan (over $91,000) the defendant obtained by selling the stolen Bitcoin.
The decision was upheld on appeal and serves as a legal guideline against cybercrimes related to cryptocurrencies.
Bitcoin and the broader crypto market steadied Wednesday from Tuesday’s slide after Strategy (MSTR), the largest publicly listed bitcoin holder, sold a small portion of its stash and spot ETFs extended a record run of net outflows.
The cryptocurrency’s 14-day RSI has dropped below 30, a textbook oversold reading. The indicator measures the speed and magnitude of price movement over a two-week period.
While a reading below 30 suggests bearish momentum is dominant, analysts often read this as a sign that the selloff has been too rapid and could stall, allowing for a recovery. While not guaranteed, it’s a stance that has played out several times.
Oversold readings in early February, November 2025, late February 2025, and August 2024 marked interim or major price bottoms. So there are hopes the selloff may soon ease.
Some analysts are more cautious. “Blood is in the water, trade accordingly,” Monarq Asset Management said in a Telegram chat.
“With the long‑anticipated regulatory clarity from the CLARITY Act looking less likely every day (Jamie Dimon openly hostile, pulling no punches, using DC clout to position against it), value and speculative buyers are stepping back and looking for the long‑term, long‑anticipated capitulation move,” Monarq CIO Sam Gaer told CoinDesk.
According to Gaer, $60,000 is back in focus and a break below that level could trigger a sell‑off to as low as $45,000, as forecast by the theory that the $BTC price follows a four‑year cycle.
QCP Capital noted a spike in $BTC implied volatility, saying the message is less “buy the dip” and more “please insure the dip before discussing it.”
Broadly speaking, weakening institutional and corporate bids and Fed rate‑hike concerns limit the scope for a sustainable recovery even as the RSI hints at a potential bounce. According to QCP, $BTC needs to hold above $67,000 to restore bullish sentiment. Stay alert!
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
What’s trending
Bullish crypto bets lose $1.6 billion as ETH, SOL, DOGE drop 9% (CoinDesk): Crypto traders hoping the market would catch up to the global stock rally were left nursing tears on Wednesday as a sharp price drop triggered the largest liquidation event since early February.
Prediction market traders bet bitcoin’s selloff has further to run (CoinDesk): Markets now imply a 66% chance of bitcoin falling below $55,000 and a coin-flip chance of sub-$50,000 prices before year-end.
SpaceX is worth less than half of its $1.75 trillion IPO target, Morningstar says (CNBC): With SpaceX expected to start trading on the Nasdaq in just over two weeks, Morningstar analysts say it is “significantly overvalued.”
Hostilities flare in Iran war, oil jumps with talks at a stalemate (Reuters): The flare-up, which sent oil prices rising more than 1%, comes with the conflict stalemated in a shaky ceasefire and the Strait of Hormuz largely closed, more than three months after initial U.S. and Israeli strikes on Iran.
Today’s signal
The chart shows bitcoin’s daily price swings in candlestick format with the 14-day relative strength index in the lower panel.
The RSI has slipped below 30, suggesting oversold conditions. Similar readings have previously marked interim or temporary price bottoms.
Bitcoin’s aggressive break below $70,000 has shifted the market from a debate over dip-buying to a more defensive question of how far traders now need to insure against the next leg lower.
Data from CryptoSlate showed that the largest cryptocurrency fell to as low as $65,404 over the past day, triggering $1.8 billion in liquidations and wiping out bullish leverage that had built around hopes of a quick recovery.
Crypto Market Liquidation (Source: CoinGlass)
This failed rebound has pushed traders toward protection at levels that only recently looked distant.
Options positioning now shows demand building around the $60,000 and $50,000 strikes, a sign that investors are preparing for a deeper reset as Strategy’s first Bitcoin sale in years, ETF outflows, AI-driven capital rotation and unresolved macro pressure weaken the sources of support that carried the market earlier in the year.
How $BTC‘s failed bounce turned $70,000 into resistance
Analysts at BIT Official noted that Bitcoin was already trading defensively after sliding towards $72,000 last week, when geopolitical tensions tied to the Strait of Hormuz prompted a broad retreat from risk assets.
The firm noted that a brief reprieve materialized after President Donald Trump suggested the US would lift a naval blockade, while April core PCE inflation aligned with expectations at 3.3% year-over-year.
This data and political development eased immediate macroeconomic anxieties and forced over-leveraged bears to cover their shorts.
As a result, Bitcoin briefly spiked toward $73,400 over the weekend, giving bulls leverage to argue the selloff was exhausted.
However, that narrative collapsed when the recovery failed to attract meaningful spot volume.
When Iran’s foreign ministry explicitly denied nuclear talks, disputed Trump’s uranium claims, and insisted the strait would reopen strictly on its own timeline, the geopolitical relief trade vanished. Without a formal de-escalation, Bitcoin was left entirely exposed.
Consequently, the market was quickly dragged back to $70,000, which is a critical juncture where options positioning, market psychology, and short-term holder cost bases converged.
Indeed, that level had served as both a psychological floor for bulls and a prime target for bears hunting for forced liquidations.
Once Bitcoin sliced through that support, automated liquidation engines began aggressively unwinding undercollateralized long positions.
The decline further accelerated rapidly into a vacuum, as spot buyers proved unwilling to absorb the selling pressure.
Strategy’s sale gives bears a cleaner script
$BTC‘s decline under $70,000 also came at a highly vulnerable moment when the corporate treasury narrative fractured.
This week, Strategy confirmed that it sold 32 $BTC for $2.5 million to fund cash distributions and dividend payments on its high-yield perpetual preferred stock.
The sale came as a shock to the market because Strategy had positioned itself as the definitive corporate proxy for the Bitcoin accumulation trade.
Over the past years, the Michael Saylor-led company business model relied heavily on equity issuance, preferred stock, and uninhibited access to capital markets to construct the largest public-company Bitcoin treasury in existence.
To the broader market, the company was not just a major holder but also a symbol of permanent, price-agnostic demand.
However, that perception is now under enormous strain as the firm most synonymous with the “never sell” philosophy liquidated coins to meet a routine cash obligation.
Jeff Dorman, the CIO of Arca, noted:
“From a sentiment standpoint, how do you think the average Bitcoin investor is going to react when every major news outlet and social media influencer starts writing that “MicroStrategy is now a seller of $BTC”? This company has bought over $50 bn of Bitcoin, and currently owns roughly 4% of the total 21 million outstanding.”
That pivot armed bears with a clean, simple argument right as Bitcoin slipped below major support.
Market observers argued that the sale complicates the market’s base-case assumption that Strategy will act as an uninterrupted buyer in all macroeconomic environments.
In fact, some have postulated that the firm could make more sales in the future in order to actively manage its balance sheet.
AI’s liquidity pull leaves Bitcoin without its ETF cushion
This structural shift in sentiment coincides with the evaporation of Bitcoin’s most reliable safety net: the institutional ETF bid that anchored the earlier stages of the bull run.
According to SoSoValue data, Bitcoin ETFs have bled more than $4 billion over the trailing four weeks. This marks the most aggressive redemption cycle since the spot products debuted, starving the market of the steady inflows required to absorb routine selloffs.
Bitcoin ETFs Outflows (Source: SoSoValue)
Market analysts attribute this severe capital flight to a generational rotation into artificial intelligence.
Institutional allocators are actively liquidating crypto positions to free up dry powder for a looming wave of tech mega-IPOs, primarily targeting high-growth ventures like SpaceX, Anthropic, and OpenAI.
Pierre Rochard, CEO of the Bitcoin Bond Company, pointed out that this AI boom has added $19 trillion in market capitalization to the top 50 public equities over the past 12 months, roughly 13 times Bitcoin’s total market value.
He said that capital expenditure cycle is drawing liquidity and attention away from Bitcoin, making the asset’s resilience notable despite the pressure.
Independent Bitcoin analyst Matthew Case described the move as an “AI IPO liquidity vacuum,” arguing that institutions that rode Bitcoin and crypto exposure higher now have a rare chance to position for major private-market and pre-IPO opportunities tied to SpaceX, Anthropic and OpenAI.
This capital rotation aggressively starves Bitcoin of its marginal buyer. During periods of robust ETF inflows, institutional demand acts as a shock absorber, cushioning the blow from macroeconomic friction, geopolitical headlines, and derivatives volatility.
With that bid suddenly sidelined, the market is dangerously exposed; a standard technical decline can cascade much further before encountering strong spot support.
$60,000 becomes the market’s next insurance level
Consequently, traders have fundamentally repriced their risk models. The market is no longer structured around highly leveraged bets anticipating a swift return to $70,000.
Instead, capital is aggressively repositioning for the reality that Bitcoin’s next durable line of defense may reside significantly lower.
Deribit data shows traders have built roughly $1.2 billion in open interest around the $60,000 strike, while the $50,000 strike has attracted about half that amount. Cumulatively, $1.8 billion worth of open interest are situated at these strike prices.
Bitcoin Traders Positioning in the Options Market (Source: Deribit)
The positioning marks a change from the structure that dominated earlier in the rally. When ETF inflows were strong and Strategy remained an unquestioned buyer, pullbacks were treated as opportunities to add exposure.
After the liquidation wave, ETF redemptions and Strategy’s sale, the same pullbacks are being treated as events that need to be insured.
As a result, traders with material Bitcoin exposure are moving toward puts and collar structures designed to preserve some upside while limiting losses if the drawdown accelerates.
Bitcoin recovered 0.7% on Wednesday, but remains at a crucial crossroads after a 9.5% decline since Sunday.
The largest cryptocurrency traded recently near $67,000, firmly in the middle of a range that persisted between February and April after a failed breakout attempt above $81,000 last month.
If bitcoin tumbles below $60,000 it would probably trigger a wave of liquidations and a possible slide to as low as $54,000, a level of support dating back to both 2024 and 2021.
Ether ($ETH), meanwhile, trades at $1,870 after rising by 0.9% since midnight UTC, although the bounce comes after a selloff that saw it tumble to its lowest point since February.
The U.S. stock market rallied to record highs again on Tuesday. The divergence is starting to trigger concerns among some crypto investors because the two asset classes have historically moved in tandem.
AI crypto tokens continued to outperform the peers. NEAR, RENDER and FET all rose by around 9% on Wednesday following Tuesday’s market-wide selloff.
Derivatives positioning
Over $1.7 billion in leveraged crypto futures bets were liquidated in the past 24 hours, double the day-earlier amount.
Most liquidations were bullish long positions after $BTC slumped to $65,500 earlier today. The 24-hour volume surged 27% to nearly $300 million while cumulative industry-wide notional open interest (OI) fell just over 2%.
The combination of large liquidations and falling open interest suggests aggressive crowding out of leveraged bullish plays and a reduction in new leveraged exposure.
Open interest in bitcoin futures hovers at record highs above 800K $BTC, up for the third straight day even as spot prices decline. That validates the downtrend and points to an influx of new shorts or bearish positioning.
The seven-day OI-adjusted cumulative volume delta is negative, indicating bears are leading price action by actively shorting with market orders rather than using passive limit orders.
Most major tokens, including $ETH, ADA, SUI, XRP and SOL, also show negative seven-day and 24-hour cumulative volume deltas, signaling bear leadership across markets. Funding rates for these tokens remain slightly positive to slightly negative, implying the bearish side is not overcrowded and there’s room for further downside.
Open interest in $ZEC futures, however, has risen for the third straight day to 2.43 million $ZEC as the token has gained 6.3% over seven days, bucking the broader malaise. $ZEC also shows a positive 24-hour CVD alongside HYPE, indicating bullish sentiment.
Fear is creeping back in. $BTC and $ETH 30-day implied volatility indices (BVIV and EVIV) jumped sharply Tuesday, posting their largest single-day gains since the Feb. 5 crash. Continued increases in the measure could presage further market pain.
Options flow on Deribit shows traders paying up for downside protection. The one-week put-call skew climbed to nearly 20% early today, reflecting an outsized demand for puts. The most traded instruments in the past 24 hours were the $70K put expiring June 5 and the $55K put expiring June 26.
In block flows, $BTC call spreads and $ETH put spreads were the most favored bets.
Token talk
Ethena (ENA) is one of Wednesday’s top-performing altcoins, rising by 9.3% since midnight UTC and more than 20% in 24 hours after Coinbase (COIN) said it will integrate Ethena features in a new savings account product.
There was a notable gain for privacy coin zcash ($ZEC). The token has risen 2% since midnight and 12% in the past 24 hours as it attempts to steer itself away from danger.
CoinMarketCap’s “Altcoin Season” indicator is now at 53/100, the highest since early March as investor appetite for high-risk altcoins remains despite weakness among the crypto majors.
Humanity protocol (H) appears to be entering a corrective phase after it lost a quarter of its value in 24 hours following a 200% rally in the past week, with clear profit-taking occurring. Daily trading volume dropped 55% to $314 million.
The long-term value of decentralized finance (DeFi) depends on its ability to transform the back-office operations of global banking institutions rather than providing alternative trading environments, according to asset management and banking executives.
Speaking on a panel at the Proof of Talk conference in Paris, the executives said legacy financial institutions are eager to adopt blockchain technology, but that’s unlikely to occur given the weaknesses in onchain security, especially in bridges that link different blockchains.
In April, breaches were reported in 27 out of 30 days, prompting CertiK CEO Ronghui Gu to describe it as DeFi’s worst month in four years. Drift Protocol and Kelp Dao alone were hacked by North Korean cybercriminals in exploits that drained nearly $600 million from the two lenders.
“I don’t think you see a growth in DeFi until we fix the first problem … which is the hacks,” said Maja Vujinovic, CEO of investment and advisory firm OGroup. “I think it’s an absolute problem until we solve the bridges. I don’t think that DeFi grows outside of the DeFi degen community … until they fix probably a whole stack.”
Her comment echoed Ben Nadereski, co-founder and CEO at Solstice, a Solana-based DeFi yield protocol, who told CoinDesk in an interview that DeFi’s growth is being held back by the onslaught of exploits, a flaw he blamed on developers frequently building innovative code while not paying enough attention to the core responsibilities of managing capital.
Working on a fix
Stéphanie Cabossioras, chief strategy and global policy officer of Societe Generale Forge, said traditional banks are already working to fix these structural gaps.
She pointed to the company’s record of tokenizing structured products and green bonds on public blockchains. To make those digital assets work, she said SG-Forge had to fix the cash settlement layer by developing its own regulated stablecoins, such as EURCV and USDCV.
“At the end of the day, we were stuck because there was only the securities leg on the blockchain, and we had no cash leg on the blockchain,” Cabossioras said. “That’s why we started to issue a stablecoin.”
Institutional clients, Cabossioras said, prefer the safety of a regulated bank over open-source, non-custodial DeFi protocols.
“In everyday life, anybody — individual, medium, or large enterprise — we want to have a trusted party,” Cabossioras stated. “We don’t want to keep our assets in our private wallets, in our safes at home. We want to delegate this peace of mind to a third party. And that’s why custodians or banks still have a future.”
The Bitcoin Volatility Index (BVIV), a key indicator measuring investor sentiment in the cryptocurrency markets, triggered renewed fear signals on June 3rd with a sharp rise. On Tuesday, the BVIV surged by approximately 20%, marking its largest daily increase since February 5th.
BVIV is known as an indicator that measures Bitcoin’s expected volatility over the next 30 days. The index’s rise to 46.45% indicates a significant shift in investor risk perception after nearly two months of relatively calm market conditions.
Volatility in the Bitcoin market has been low over the past two months. Even though the Bitcoin price fell last week from $82,000 in May to $75,000, BVIV (Bitcoin Viability) remained around 40%, its lowest level of the year. Analysts say this indicates that the decline was due to steady and controlled selling pressure rather than panic selling.
However, the picture changed on Tuesday when Bitcoin’s spot price fell by more than 6% to the $66,000 level. The sharp drop in prices increased investor demand for hedging, leading to a strong rebound in BVIV.
Market experts say that BVIV is increasingly exhibiting behavior similar to the VIX index, which is considered a fear indicator in traditional financial markets. The fact that the index moves inversely with the Bitcoin price also supports this view.
Experts say it is not yet clear whether the recent rise is merely a short-term reaction or the beginning of a longer period of volatility. Bitcoin price movements and trading in the options market in the coming days will play a critical role in determining investors’ risk perception.
TronZap, a service focused on TRON network resource rentals, has introduced new bundled packages that combine Energy and Bandwidth in a single purchase. The update is designed to simplify transaction processing on the TRON blockchain, particularly for users transferring $USDT in the TRC-20 format.
On TRON, transaction costs work differently from networks that use a standard gas fee model. Instead of paying a fixed fee, users consume two network resources: Bandwidth and Energy. Bandwidth covers the transfer of transaction data, while Energy is required for smart contract operations.
Since $USDT on TRON operates through a smart contract rather than as a native asset, every transfer requires Energy. The same applies to decentralized exchange swaps, token approvals, lending protocols, and most other blockchain interactions. If a wallet lacks the required resources, the network automatically burns TRX to complete the transaction.
Until now, users typically had to obtain Energy and Bandwidth separately. With the new bundles, both resources are included in a single package. According to TronZap, a standard $USDT transfer usually requires around 65,000 Energy and approximately 345 Bandwidth, though transfers to wallets that have never held $USDT may consume more Energy.
The new packages are available through the TronZap website, Telegram bot, and API. The company also offers an API solution for non-custodial wallets, allowing wallet providers to integrate Energy and Bandwidth rentals directly into their applications without running additional infrastructure. According to TronZap, wallet operators can also receive a share of revenue generated through rentals made by their users.
Zcash ($ZEC) is climbing while most of the market falls, and the reason sits on-chain rather than in the price action.
$ZEC rose more than 13% over the past 24 hours to about $618, even as Bitcoin, Ethereum, and Solana all fell. That makes it one of the few large tokens in the green. Two on-chain records help explain why the largest privacy coin keeps outrunning the weakness.
Zcash Shielded Supply Climbs to a Record High
The clearest signal sits in Zcash shielded supply, the amount of $ZEC held in private pools that hide transaction details. That total has climbed to about 5.1 million $ZEC, a record high.
Zcash Shielded Supply: Dune
Almost all of it sits in the newest pool, Orchard, which reached roughly 4.5 million $ZEC by late May. The older shielded pools, Sapling and Sprout, hold far less, near 592,000 and 25,000 $ZEC.
The jump matters because shielding is the core use case.
That shift lines up with the thesis Multicoin Capital laid out when it disclosed a large $ZEC position, framing privacy as a hedge against rising scrutiny of visible holdings. It also follows a cleaner regulatory backdrop, after the SEC closed its investigation into the Zcash Foundation in January and Grayscale moved to convert its Zcash trust into a spot ETF.
NEW: MULTICOIN CAPITAL SAYS IT HAS BUILT A “SIGNIFICANT POSITION” IN $ZEC SINCE FEB, CALLING ZCASH THE “CLEANEST WAY” TO EXPRESS THE PRIVACY COIN THESIS pic.twitter.com/j8slkfDlm3
— The Wolf Of All Streets (@scottmelker) May 6, 2026
A rising shielded balance shows real usage, however, not the network strength securing it.
Network Hashrate Hits an All-Time High
Behind that demand, miners are committing more power than ever. The Zcash network hashrate, the total computing power securing the chain, hit a record 16.3 GH/s in late May.
Zcash Network Hashrate: Dune
That tops the prior peaks near 11 GH/s in 2022 and 10 GH/s in 2024. A higher hashrate makes the network harder to attack and signals that miners expect mining to stay profitable.
The timing fits. The November 2024 halving cut new $ZEC issuance, so miners are adding capacity into a tighter supply rather than backing away from it. Large mining operations have expanded their Zcash capacity this year as the privacy trade gained traction.
The upcoming Zcash $ZEC halving marks a key milestone in its economic model, reducing block rewards and highlighting its privacy-focused design.
— Grayscale (@Grayscale) November 22, 2024
Strong fundamentals, though, only matter if traders are putting real money behind them.
$ZEC Is One of the Few Majors Drawing Net Buying Pressure
On the perp exchange Hyperliquid, $ZEC was one of the only major asset showing net buying pressure, at about $33.73 million, while Bitcoin, Ethereum, and Solana all saw net selling. Bitcoin alone showed more than $506 million in net selling.
Hyperliquid Perp Market Data: Nansen
Open interest in $ZEC sat near $368 million across about 7,190 traders, large for a token outside the top names. Demand for leverage tells the same story.
Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
The $ZEC funding rate, annualized, sat near 40.77%, almost four times the 10.95% on Bitcoin and Ethereum. A high positive funding rate means traders are paying a premium to stay long.
That conviction cuts both ways. The same crowded long positioning can unwind quickly if momentum stalls, and funding this high often marks an overheated market.
For now, the on-chain base and the perp demand point the same way. If shielding and buying pressure hold, $ZEC keeps outrunning the weak market, but a cooldown in funding could close the gap fast.
James Fickel, an Ethereum investor closely followed by the cryptocurrency market, has made his first large-scale asset transfer in approximately six months. According to on-chain data, Fickel sent a total of 10,000 $ETH from a wallet on Coinbase Custody to an external address.
The current market value of the transferred Ethereum is estimated at approximately $18.62 million. The transaction attracted attention in the Ethereum market and fueled investor speculation about Fickel’s next moves. According to data, this transfer was Fickel’s first asset movement exceeding $1 million in value in the last six months.
Ai_9684xtpa, known for his on-chain analysis, suggested that the transfer was most likely carried out for trading purposes. According to the analyst, moving the funds from the custodial service to an external wallet may indicate that the investor is preparing to take a more active position in market transactions.
James Fickel has long been known for his positive views on Ethereum and is considered one of the most prominent $ETH investors in the cryptocurrency community. According to current data, the investor holds a total of 38,936 $ETH on-chain, with a total value estimated at approximately $72.43 million.
Market experts emphasize that large transfers by high-profile investors don’t always signify selling. However, such transactions can be interpreted as strategy changes, opening new positions, or preparations to capitalize on market opportunities. Fickel’s latest move is also expected to be closely watched in terms of its impact on Ethereum market activity in the coming days.
Pi Network is expanding its gaming ecosystem as CiDi Games launches a new Developer Center to attract more game creators to the platform.
CiDi Games, a Pi Network Ventures portfolio company, is also broadening its focus. Instead of operating only as a gaming platform, it now aims to build the infrastructure that can support games and developers across the Pi ecosystem.
CiDi Targets More Game Developers
In a recent update, CiDi Games unveiled its Developer Center, a hub designed to help developers bring games to Pi more quickly.
Introducing the CiDi Developer Center.
For game developers building for Pi: 🎮 Plug into a growing community of pioneers 💰 Multiple revenue streams built in ⚡ SDK ready, integration in days
CiDi isn’t just a platform. It’s becoming the infrastructure for games inside Pi.… pic.twitter.com/l29p9lw6nF
— CiDi Games (@PlayCiDi) June 2, 2026
The company says developers can tap into Pi’s growing user base, access multiple monetization options, and use ready-made development tools. These tools can help teams integrate games in days rather than months.
CiDi wants to become the foundation for gaming on Pi. The platform plans to provide the tools, support, and infrastructure developers need to launch and grow their projects efficiently.
At the same time, CiDi Games has released four new games for Pioneers. The additions give users more ways to interact with the Pi ecosystem and spend Pi within gaming applications.
Pi Network says gaming continues to create practical use cases for Pi while helping expand the ecosystem beyond basic transactions.
The CiDi Games platform continues to make progress and has released 4 new games for Pioneers to experience!
CiDi Games, a Pi Network Ventures portfolio company, gives Pioneers new ways to use Pi through gaming, while also extending the Pi ecosystem with infrastructure that can… https://t.co/AkxR43MioB
— Pi Network (@PiCoreTeam) June 3, 2026
June Could Be an Important Month for Pi
Gaming is not the only area drawing attention this month.
A whale wallet tracked by PiScan has accumulated more than 400 million PI, making it the largest known holder of the token. Despite the steady accumulation, PI continues to trade near recent lows as daily token unlocks increase circulating supply.
The network also has three major upgrades scheduled for June. Protocol 24 node upgrades arrive on June 2, followed by Protocol v25.1 on June 8 and Protocol v26.0 on June 22. The updates aim to improve node performance, scalability, and smart contract functionality.
Meanwhile, technical indicators are showing early signs of a possible shift in momentum. Previous bullish MACD crossovers have often preceded strong short-term rallies, putting additional focus on June’s developments.
With network upgrades, whale accumulation, and ongoing token unlocks all happening at the same time, the coming weeks could play a major role in shaping Pi Network’s next move.
