[CoinGape] Pi Coin (PI) is continuing its downward trend ahead of a massive token unlock scheduled for this June.

As of June 5 (local time), Pi Coin recorded a price of $0.130, down 5.78% over 24 hours. According to the overseas cryptocurrency media outlet CoinGape, this is the result of a combination of the overall weakness in the virtual asset market. In particular, as concerns over an increase in circulating supply grow, selling pressure is rising, which is acting as a burden on the Pi Network ecosystem.

According to CoinGape, more than 163 million PI tokens are scheduled to be newly released into the market during the month of June. The largest single-day unlock will take place on June 11 (local time), with approximately 16 million tokens expected to be circulated on that day. Market participants are taking preemptive measures in anticipation of the supply increase, paying close attention to June 8 (local time) as a crucial juncture. The outlet also explained that Pi Coin has relatively low liquidity, making its structure more vulnerable to selling pressure when the broader market shows weakness.

The overall decline in the virtual asset market is also exacerbating Pi Coin's weakness. According to CoinGape, Bitcoin (BTC) fell below $65,000 for the first time since February, and Ethereum (ETH) also traded below $1,800. During the same period, Ripple (XRP) traded at around $1.17, showing a downward trend across major digital assets. The total cryptocurrency market capitalization decreased by 3.1% over 24 hours, recording a scale of approximately $2.21 trillion.

The outflow of funds from U.S. spot Bitcoin ETFs is cited as the background for the market weakness. CoinGape reported that U.S. spot Bitcoin ETFs recorded net outflows for 13 consecutive trading days. In particular, on June 3 (local time), approximately $396.6 million in funds flowed out, which is interpreted as a sign of slowing institutional investment demand. CoinGape added that as geopolitical tensions heighten, such as the military conflict surrounding Israel and Lebanon, global investors' appetite for risk assets is shrinking.

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