Pi Network (PI) closed the month at its lowest level since being listed on exchanges. Despite a wave of positive news during the first week of July, it wasn’t enough to stop Pioneers from transferring Pi to centralized exchanges (CEXs), increasing selling pressure.

Recent updates from the Pi Core Team show noteworthy development progress. However, these efforts seem insufficient in the current market environment.

Over 370 Million PI on Exchanges Increases Selling Pressure

According to BeInCrypto’s observations, the amount of PI tokens on centralized exchanges has consistently risen over the past five months. The figure grew from 263 million in March to over 370 million now—an increase of more than 40%.

In May, Pi Network founder Nicolas Kokkalis made a rare public appearance. His presence sparked excitement and a strong accumulation of Pi, causing a sharp drop in the amount of Pi on exchanges.

However, in June, negative sentiment returned amid intensifying geopolitical tensions. This shift pushed the trend back toward rising exchange balances.

Investor Moon Jeff noted that in just the last two days, 8 million PI were deposited onto exchanges.

“The selling pressure