Based on the previous text, why do large holders in the PI spot market want to make purchases in the PI wallet? Because in some regions, five exchanges implement isolation for listing coins, so users in areas like China cannot search for spot PI on exchanges. Therefore, investors from other restricted regions can only purchase through the PI wallet, and they have no platforms or exchanges to sell spot PI. Buying PI means staking and hoarding, with no place to sell until PI launches DeFi or the exchanges lift the isolation for listing coins. So the more you buy, the more PI is locked up. Thus, starting from July 5, it was mentioned that the subsequent PCT system announcement would become a historical bottom, and on the 25th, it was mentioned that an announcement regarding PI might appear, followed by the launch of the PI wallet for buying PI, and simultaneously, large spot holders began to emerge. It’s all a series of events. So, in the current situation, as more people buy coins in the PI wallet, there’s no need to worry about exchange prices, because on-chain liquidity will directly support exchange prices. Ultimately, when the liquidity of the exchanges becomes insufficient, the liquidity will automatically reprice, gradually increasing the price. It’s no wonder that borrowing whales have recently been hesitant to borrow coins for sale. Borrowing whales may also be paying attention to the situation of these large spot holders. #PI #pi