PI Open Interest Sinks to $9.75M as Fifth Straight Red Day Tests $0.10 Floor

Pi Network’s PI token extended its losing streak to a fifth consecutive session on Wednesday, dropping toward the $0.1000 level and shedding nearly 7% in 24 hours. Derivatives data compiled by CoinAnk show open interest sliding to $9.75 million, a figure that points to retail traders pulling back rather than positioning for a bounce.

The decline places PI at the edge of what has been treated as a key psychological support zone near $0.10. A clean break below that level would remove one of the last technical anchors traders have been watching as the token grinds through its worst stretch in weeks.

Open interest and funding point to fading demand

The drop in open interest to $9.75 million is the clearest signal in the current setup: leveraged positioning in PI derivatives is shrinking alongside spot price, rather than diverging from it, which typically indicates traders are closing exposure instead of adding fresh shorts or longs into the move.

Funding rates have also weakened in recent sessions, according to the same derivatives data, reinforcing the picture of retreating retail participation. That combination — falling open interest plus soft funding — tends to strip out the kind of speculative froth that can fuel sharp reversals, leaving price action more exposed to spot flows and broader market sentiment.

Macro backdrop adds to the pressure

PI’s slide is unfolding against a broader crypto market that is digesting mixed investor sentiment, with renewed geopolitical tensions between the United States and Iran adding a layer of uncertainty across risk assets more generally. That backdrop has made it harder for lower-cap, retail-driven tokens like PI to attract fresh buying, since capital tends to rotate toward perceived safety when macro headlines turn volatile.

Taken together, the fifth straight daily loss, the pullback in open interest, and the softer funding backdrop describe a token where both spot holders and derivatives traders are stepping back at the same time. That alignment matters for the near-term technical picture: without renewed leverage or fresh spot demand, the $0.10 zone looks more like a level to be tested than a floor with strong buying interest behind it.

What traders are watching next

For active traders, the key data points to track are whether open interest stabilizes above the $9.75 million mark and whether funding rates find a floor, both of which would suggest speculative appetite is returning even before spot price confirms a reversal. A continued decline in both metrics alongside further price weakness would instead support the view that PI remains in a demand-vacuum phase, with the $0.10 support level acting as the next line in the sand rather than a guaranteed hold.