XRP ETF Posts Biggest First-Day Volume of 2025

Pi Network price continues to trade near $0.22, but the stability behind this price is what has captured market attention. The network is entering its heaviest unlock period until 2027, with 145.7 million tokens scheduled to be released this month and an additional 173 million in December. Normally, such expansion triggers sharp declines, yet Pi has held its structure firmly between $0.18 and $0.22. 

This calm market behavior suggests that investors are preparing for the major network developments expected to arrive over the next few weeks. Analysts say this strong base could allow the price to break above the key $0.30–$0.35 resistance area, clearing the path toward $0.50 and higher levels if momentum expands.

Open Mainnet Readiness Becomes Clear as Audits Confirm Network Maturity

Fresh audit data released on November 12 shows that Pi Network has been functioning almost like a fully open blockchain since early 2025. The audit reports between 202,000 and 350,000 active nodes, stable throughput of 49 transactions per second, a two-second network delay, full RPC and explorer availability, and zero security exploits. This level of performance demonstrates that the network is technically mature and ready for economic activation.

The DEX launch is now the most anticipated moment. All on-chain indicators show that Proposal 20 has been approved, Multisig 15 has executed, and the DEX contract is no longer paused. Activation is expected between November 20 and 22, with an 82.7 to 92.4 percent likelihood of going live on schedule. 

Once the DEX activates, Pi will enter a new era of transparent trading, real price discovery, and measurable liquidity conditions that often trigger strong upward moves for emerging digital assets.

Pi has also completed full ISO 20022 compliance, enabling direct compatibility with global banking systems. Banking integration is scheduled to begin on November 22, giving Pi one of the rarest advantages among new digital currencies and expanding its potential for real-world payments and merchant adoption. Combined, these developments signal that Pi is approaching full Open Mainnet much faster than many expected.

Ecosystem Expansion Accelerates as New Tools, Game Updates, and Testnet Performance Strengthen Utility

The Core Team has released complete documentation for creating tokens on the Pi Testnet, allowing developers to mint assets, set trustlines, build liquidity pools, and host pi.toml files. This moves Pi into a new era of DeFi development, giving builders everything they need to prepare for Mainnet deployment.

Protocol 23 continues to perform smoothly in testing, with extremely low failure rates even under heavy network load. This stability confirms that the Testnet2 upgrade is close and that the Mainnet version of Protocol 23, which enables smart contracts, will follow shortly after. Smart contracts will unlock real utility for Pi, ranging from decentralized applications to real-world integrations.

Meanwhile, Pi’s gaming system has been updated to use transparent market-based pricing. Instead of relying on the Global Consensus Value, the system now converts a fixed $5 fee into Pi based on the current market exchange rate. This shift acknowledges the growing influence of the external market and introduces economic clarity as Mainnet approaches. Users can access games at any time, and while rewards are paused, the change signals the network’s transition toward real-time market interaction.

The Global Consensus Value remains stable at $314,207 per Pi according to on-chain oracle data. While this value does not reflect current market pricing, it continues to act as a community-held benchmark and historical anchor during the pre-Open-Mainnet period. For many Pioneers, it maintains confidence as Pi moves closer to economic activation.

FAQs

Pi stays stable because investors expect major upgrades, keeping demand strong even as millions of tokens are released.

The DEX is expected to activate between November 20 and 22, marking the start of transparent trading and real price discovery.

ISO 20022 lets Pi connect with global banking systems, improving payment compatibility and boosting real-world adoption potential.

Canary Capital clients purchased $245 million worth of XRP through the firm’s newly launched spot XRP ETF on its first day of trading. The fund is the first US spot XRP ETF, giving investors direct exposure to XRP through a traditional, regulated investment vehicle.

Canary Capital's spot XRP ETF debuted on Nasdaq under the ticker XRPC, enabling mainstream investors to access XRP through traditional brokerage accounts. The ETF structure requires custodians to hold physical XRP to back shares, creating institutional demand for the underlying asset.

The XRPC fund currently manages nearly 109 million XRP valued at over $250 million, according to its holding disclosure.

The Bitcoin price is plunging! The levels dropped below the psychological barrier at $100,000 while altcoins display some strength. After marking daily close below $100K for the first time in 5 months, the buyers were expected to step in. But the indecisiveness among them has triggered more bearish action, driving the levels below $97,000. Now, the question arises whether the BTC price has entered a bear market with the Death Cross approaching or the bulls will regain control? 

Current Price Action

Ever since the Bitcoin bulls were locked at the ATH close to $126,000, they appear to have lost most of their strength. Their inability to defend the interim support validates the bearish claim and raises concerns over the next price action. After printing consecutive lower highs and lows, the price marked an intraday low at $96,712. The price has rebounded to some extent above $97,000, while the fear of a pullback persists. 

The trading volume escalated from around $85 billion to above $106 billion as the levels slid below $100K. On the other hand, the open interest continues to plunge, reaching levels close to $66 billion. In general, Bitcoin is showing unusual weakness in Q4, which is usually bullish in the past few years. It is underperforming gold, the S&P 500, and the Nasdaq. The major reason behind the sell-off could be whale exodus, year-end tax moves and rotation into better alternatives. 

BTC Price Analysis—Bitcoin Death Cross in Play!

Bitcoin price has been forming consecutive higher highs and lows, displaying the inability of the bulls to revive a strong upswing. The token failed to defend the support initially at $115,000, later at $106,800, and is now on the verge of losing $100,000. Another bearish daily close cloud further raises the possibility of a bearish weekly close, which could strengthen the bearish case for the BTC price rally. 

On-chain data shows Bitcoin long-term holders have been ramping up their selling recently, a potential reason behind BTC’s fall under $100,000.

Bitcoin Long-Term Holders Have Been Booking Profits

In a new post on X, on-chain analytics firm Glassnode has discussed about the latest trend in the supply of the Bitcoin long-term holders (LTHs). These are referred to as the investors holding their coins for a period longer than 155 days, without selling or involving them in a transaction on the blockchain.

Statistically, the longer an investor holds onto their coins, the less likely they become to sell them in the future. As such, the LTHs with their long holding times are usually considered to be resolute entities.

Despite their resilience, however, there are times when even these diamond hands can decide to part with their holdings. One such time happens to be right now.

As the below chart shared by Glassnode shows, the Bitcoin LTHs have been reducing their supply recently.

This latest wave of selling from the LTHs isn’t their first for the cycle. As is apparent in the graph, these HODLers sold into both the 2024 rallies as well. In between these selloffs, their supply was rising with significant speed.

Something to note is that while LTH selling is instantly registered in the chart, the same isn’t true for buying. When the LTH supply grows, it doesn’t mean any accumulation is happening in the present. Rather, what it implies is that some coins were bought five months ago, which have now been held long enough to clear the LTH threshold.

The last wave of coin maturation into the LTH cohort peaked in mid-2025. Since then, the group has been shedding coins at a variable rate. The latest trend has clearly been that of acceleration, as the below chart visualizes.

The accelerating wave of distribution from the LTHs has arrived as Bitcoin has been suffering from bearish momentum. It’s possible that some of the HODLers are thinking this could be their last chance to take profits, so they have decided to exit.

During the last few days, BTC was trying to hold above $100,000 in the face of this selloff, but the asset appears to have buckled during the past day as its price has breached under the mark.

Historically, bull markets have sustained so long as fresh demand has kept coming in to absorb the selling from the diamond hands, so it remains to be seen whether the price plunge will be met with an injection of demand, or if this selling will lead into an extended bearish phase for Bitcoin.

BTC Price

At the time of writing, Bitcoin is floating around $98,500, down 3% over the last 24 hours.

The acting chair of the Federal Deposit Insurance Corporation (FDIC), the regulatory body overseeing banks in the US, is reportedly considering guidance for tokenized deposit insurance and plans to launch an application process for stablecoins by year’s end.

Acting FDIC Chair Travis Hill, who has made bullish statements about tokenization in the past, told the Federal Reserve Bank of Philadelphia’s Fintech Conference on Thursday that the regulator will eventually release guidance around tokenized deposit insurance, according to reports.

The FDIC protects depositors in the event of a bank failure and insures money in accounts at banks that are insured by the regulator.

 “My view for a long time has been that a deposit is a deposit. Moving a deposit from a traditional-finance world to a blockchain or distributed-ledger world shouldn’t change the legal nature of it,” Hill said, as reported by Bloomberg.

Strong interest in tokenization

Regulators and Wall Street have shown serious interest in the real-world asset (RWA) tokenization sector this year.

Excluding stablecoins, the total value of tokenized real-world assets surpassed $24 billion in the first half of the year, with private credit and US Treasurys making up the bulk of the market, according to a report by RedStone.

BlackRock, the world’s largest asset manager, is one of the most prominent players in the space and launched a tokenized money market fund called BUIDL in 2024.

Stablecoin application regime by the end of the year

At the same time, Hill reportedly announced the agency is also working on a regime for stablecoin issuance and expects to issue a proposal for an application process by the end of 2025 as part of its duties in crafting rules under the GENIUS Act, according to Law360.

Related: Tokenization demand is no longer tied to Bitcoin: Galaxy executive

He said it’s still too early to know how many institutions will be interested, but the FDIC staff is working on the standards around capital requirements, reserve requirements and risk management for FDIC-regulated stablecoin issuers.

Stablecoins have also been a high-growth area, with banks worldwide exploring this technology. The market capitalization of stablecoins is approximately $305 billion as of Friday, according to blockchain analytics platform DefiLlama.

Pi Network’s price is currently $0.2156, down 4.8% in the last 24 hours, reflecting ongoing market pressure. Experts say reclaiming Pi’s all-time high may be difficult due to structural and market factors.

Why Pi’s Price Faces Headwinds

One major factor holding back Pi is the daily unlocking of tokens, which steadily increases the circulating supply. As more pioneers gain access to previously locked balances, selling pressure intensifies, making upward price movement harder. 

Additionally, Pi’s value depends heavily on real-world adoption and utility. Without clear use cases or mechanisms to encourage long-term holding, demand may struggle to outpace the growing supply. This combination of increasing liquidity and limited external utility makes reclaiming past highs a steep challenge.

Understanding Pi’s Dual Value System

Professor and programmer Kamel Kadah, a Pi pioneer, recently introduced a live dashboard for Pi’s Dual Value System, designed to make the network’s dynamics easy to follow. This system measures two types of value: Internal Value, which is stable and ecosystem-driven, and External Value, which reacts to market trends.

The Internal Value, currently at $314,150, represents the value within Pi’s ecosystem, including activity across 127 Pi apps. Stability is extremely high at 99.6%, and internal trading volume reaches $562.8 million with 1.8 million active transactions. This internal value is driven by Pioneer consensus rather than global market speculation, offering a safe and consistent foundation for daily use like buying, selling, or gifting Pi.

The External Value, currently $40.5908, fluctuates with global supply, demand, and economic trends. With 12.4% volatility, Pi is listed on 8 exchanges, and 24-hour trading volume is $40.6 million. The contrast between internal and external values highlights the strength of the Dual Value System: stability within the ecosystem and flexibility outside in the market.

Pi Network’s Growth and Stats

Pi continues to grow as a digital economy. Currently, there are 142 active apps and 2.4 million daily transactions. About 76% of pioneers have completed KYC, and the network now boasts 59.9 million pioneers. The next Pi Day is just 3.3 days away, marking another milestone for the community.

Bridging the Gap Between Internal and External Value

Pi’s internal value is roughly 17.77 times higher than its external market value, with a gap of around $314,087. Analysts say that if current trends persist, the two values could converge within 18 months.