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Pi Core Team Moves 500 Million Pi: What’s the Purpose?

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Pi Unlock Statistics by Month. Source: Piscan

Nearly a full year has passed since Pi opened its network and was listed on exchanges. However, Pi’s price performance has disappointed many Pioneers, as the token has dropped around 94% from its all-time high. Recent activity suggests the Pi Core Team may be rolling out new plans to strengthen the ecosystem.

At the same time, heavy unlock pressure is raising concerns that the downtrend could worsen.

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Pi Core Team Moves Over 500 Million Pi in Early February

Wallet addresses labeled by Piscan — a Pi Network data tracking platform — as belonging to the Pi Core Team recorded several large transactions in the first days of February. This activity came as Pi’s price fell about 25% year to date, trading near $0.16.

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One major transaction involved the PI Foundation 1 wallet moving 500 million Pi, worth more than $80 million. The wallet did not transfer Pi to exchanges. Instead, the funds were sent to another internal wallet also labeled as PI Foundation 1.

The move followed an announcement from the Pi Core Team stating that more than 16 million Pioneers have completed Mainnet migration. Around 2.5 million Pioneers who were previously blocked due to security checks have now been unblocked and can migrate.

The team also announced that over the next few weeks, more than 700,000 Pioneers will gain access to apply for KYC. In addition, a reward distribution system for KYC validators is currently being tested. Deployment is expected by the end of March 2026.

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Many Pioneers believe the team’s on-chain transfers are preparations for upcoming plans.

“These updates reflect ongoing efforts to expand access to KYC and Mainnet migration, enabling broader participation in Pi’s ecosystem,” Pi Network stated.

On the positive side, more Pioneers completing Mainnet migration could make the Pi ecosystem more active and boost demand. However, it may also test long-term investor confidence, pushing holders to decide whether to sell or continue holding.

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More Than 193 Million Pi to Unlock in February

Piscan data shows that more than 193 million Pi will unlock in February, worth over $31 million. This is the largest unlock amount scheduled for the period from now to October 2027.

Pi Unlock Statistics by Month. Source: Piscan
Pi Unlock Statistics by Month. Source: Piscan

On average, the next 30 days will see more than 7 million Pi unlocked per day, equivalent to around $1.1 million.

A recent BeInCrypto report noted that Pi’s trading volume on exchanges has dropped sharply. Daily volume remains weak, showing no improvement and staying below $20 million. Low volume combined with heavy unlock pressure creates a negative mix that continues to weigh on price.

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However, early February has shown some signs of demand returning. Exchange balance data compiled by Piscan indicates that Pi reserves on exchanges have started to decline after months of staying elevated.

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Pi Reserves on CEXs by Month. Source: Pisan

Pi exchange balances currently stand at around 419.9 million Pi, down from 427 million Pi last month. While the decline is still modest, it suggests that early accumulation may be underway as prices remain low.

BeInCrypto’s latest analysis suggests positive sentiment could return. February is seen as the anniversary month of Pi Network’s exchange debut. Investors are also looking ahead to Pi Day in March.

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Crypto World

30% Risk Despite Tom Lee’s Theory

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BitMine Holdings

BMNR stock price remains under pressure in early February as selling continues across crypto-linked equities. The stock is down nearly 25% over five days and more than 33% over one month, trading around $22.35.

While management defended recent crypto-led paper losses as part of a long-term strategy, market data suggests technical weakness is still driving investor behavior. And increasingly driving them away, despite a novel defense from BitMine Chairman, Tom Lee.

Ethereum Treasury Losses Spark ‘Feature, Not A Bug’ Defense

Concerns around BitMine’s balance sheet intensified after data showed heavy unrealized losses on its Ethereum treasury.

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As of February 3, BitMine had invested roughly $14.95 billion into ETH holdings. However, the current market value had fallen to around $8.53 billion, implying paper losses of more than $6.4 billion.

At the same time, Ethereum was trading near $2,200, well below BitMine’s average acquisition cost of roughly $3,800. This gap highlighted how deeply underwater the company’s treasury had become.

BitMine Holdings
BitMine Holdings: CryptoQuant

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

These figures triggered criticism from market observers, who argued that such large unrealized losses could limit future upside and pressure shareholder returns. Some warned that accumulated ETH could eventually act as a selling supply.

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In response, Chairman Tom Lee defended the strategy, stating that drawdowns are “a feature, not a bug.” He argued that crypto cycles naturally involve temporary losses and that BitMine is designed to accumulate through downturns to outperform over time.

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However, despite this explanation, BMNR stock failed to attract sustained buying interest after the comments.

OBV and CMF Show Buyers Stayed Away After the Breakdown

Market participation data suggests that investors began exiting even before the public debate intensified.

On-Balance Volume (OBV) tracks cumulative buying and selling pressure by adding volume on up days and subtracting it on down days. It reflects whether traders are accumulating or distributing.

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From early December through late-January, OBV was forming higher lows, signaling steady accumulation. But between January 28 and 29, OBV broke below its rising trend line. This showed that possibly retail and short-term traders had started distributing shares.

Retail Buyers Leaving
Retail Buyers Leaving: TradingView

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After OBV weakened, institutional-style capital followed.

Chaikin Money Flow (CMF) measures whether money is flowing into or out of an asset using price and volume. Readings above zero suggest accumulation, while negative values signal capital outflows.

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From January 30 onward, CMF fell sharply and remained below zero. This confirmed that large buyers were reducing exposure as the BMNR price approached key support. Both indicators aligned with the chart structure.

BMNR had been forming a head-and-shoulders pattern through December and January. When price failed near the neckline and then broke down on February 2 (gap-down formation), OBV and CMF confirmed the move.

Big Money Leaves BitMine
Big Money Leaves BitMine: TradingView

In sequence, retail volume weakened first, large capital exited next, and prices collapsed afterward. The “feature, not a bug” ETH treasury narrative did not reverse this flow-driven sell-off.

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Key BMNR Stock Price Levels Define the Next Move

After breaking the head-and-shoulders neckline and the rising trend line, the BMNR stock price resumed its broader downtrend, a projected dip of over 30%.

Several levels now define the outlook. On the downside, initial support sits near $19.26 if the BMNR stock price doesn’t reclaim $22.52 on the daily timeframe. Below $19.26, the next major level stands near $16.71, which aligns with the full technical projection of the bearish pattern.

If selling pressure accelerates, extended downside could reach toward $9.87, pushing the stock into single-digit territory. On the upside, recovery remains difficult.

The first resistance lies near $22.52. The BMNR stock price must reclaim this level to slow the decline. Above that, resistance appears near $25.07 and $28.66. These zones would need to be cleared to signal early stabilization.

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BMNR Price Analysis
BMNR Price Analysis: TradingView

A broader trend shift would require a move above $34.46, followed by confirmation near $42. For now, both OBV and CMF remain weak, showing that buyers have not returned in force. Until capital flows turn positive and key resistance is reclaimed, technical pressure is likely to dominate BMNR stock price behavior.

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TRM Labs Completes $70M Round At $1B, Becomes Crypto Unicorn

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TRM Labs Completes $70M Round At $1B, Becomes Crypto Unicorn

Blockchain intelligence platform TRM Labs completed a $70 million Series C funding round, valuing it at $1 billion, becoming the latest crypto company to reach unicorn status.

The investment round was led by seed investor Blockchain Capital, with participation from Goldman Sachs, Bessemer Venture Partners, Brevan Howard Digital, Thoma Bravo, Citi Ventures and Galaxy Ventures, according to a Wednesday news release.

TRM Labs seeks to equip public and private institutions with AI solutions that combat cybercrime. The company defends against illicit activities that increasingly rely on automation.

“At TRM, we’re building AI for problems that have real consequences for public safety, financial integrity, and national security,” wrote Esteban Castaño, co-founder and CEO of TRM Labs.

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“This funding allows our world-class team — and the people who will join us next — to innovate alongside institutions on the front lines of the most consequential threats, and expand the potential of AI to meaningfully improve how our critical systems are protected.”

The $70 million round shows that capital is flowing into blockchain analytics platforms seeking to stop the spread of AI-fueled scams and cyberattacks, including from large traditional institutions.

Related: Fake MetaMask 2FA security checks lure users into sharing recovery phrases

TRM Labs to expand global workforce, advance AI compliance and investigation tools

TRM is a San Francisco-headquartered company with hubs in Los Angeles, New York, Washington, London and Singapore.

It said the new capital will be used to expand its global workforce of AI researchers, data scientists, engineers and financial crime experts.

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The company will also advance its AI-powered investigations to disrupt illicit activity and advance its solutions that help institutions manage financial crime risks.

Related: CZ proposes fix to address poisoning after investor loses $50M

Crypto phishing scams see resurgence due to generative AI advancements

Crypto phishing scams have been a long-standing issue in the industry, which saw a resurgence following advancements in generative AI. They involve hackers sharing fraudulent links with victims to steal sensitive information, such as crypto wallet private keys.

In December, a Bitcoin (BTC) investor lost his entire retirement fund to an AI-fueled romance scam known as a “pig butchering.” In this case, the scammer used AI-generated images to emotionally manipulate the victim into sending over his Bitcoin.

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Monthly crypto phishing scam losses and victims, 2025 chart. Source: drop.scamsniffer.io

Still, the falling number of incidents suggests that investors are becoming better at safeguarding their assets from attackers.

Losses to phishing scams decreased 83% year-on-year, falling to $83.3 million in 2025, from $494 million in 2024, according to a report from Web3 security tool Scam Sniffer

Magazine: Meet the onchain crypto detectives fighting crime better than the cops