Pi Network Struggles to Rally as Bitcoin Soars

The Pi Network (PI) token is struggling to capitalize on the recent risk-on sentiment in the crypto market. Despite a three-day recovery, PI is trading around $0.0890, which is well below its earlier highs.

The US Treasury's announcement of increased liquidity support for buyback operations has boosted investor confidence in high-risk assets like cryptocurrencies. Bitcoin (BTC) has risen towards $70,000, but PI remains one of the few underperforming altcoins.

A mild increase in PI retail speculation is evident from the rising Open Interest to $9.30 million from $8.82 million the previous day. However, this remains well below its July 15 peak of $12.14 million.