Pi’s Swedish ETP Hits Fifth Month of Limited Trading - What’s Behind the Stagnation?
Another month ticks by with minimal movement. Pi's exchange-traded product on the Swedish market just entered its fifth consecutive month of subdued trading activity. That's over 150 days of whispers, not waves.
The Quiet Stretch
Market data shows a persistent pattern of low volume. No major inflows, no dramatic outflows—just a steady, quiet hum that's become the ETP's new normal. Analysts watching the Nordic crypto scene are starting to ask questions.
Regulatory Hurdles or Market Apathy?
Is this a case of a product ahead of its time, or one that missed its moment? The Swedish Financial Supervisory Authority (FSA) maintains its framework, but investor appetite seems… selective. It’s the classic finance conundrum: build it, and they might just ignore it.
The Waiting Game
Five months in this state suggests something deeper than mere market fluctuation. It points to a product searching for its catalyst—a regulatory green light, a surge in underlying asset interest, or a shift in institutional sentiment. Until then, it sits, a digital asset in a deep freeze, waiting for a thaw that hasn't yet been scheduled. Sometimes the most bullish thing you can do is hold on through the silence, even if that silence is deafening.
Valour PI SEK price performance mutes
As is the norm with other cryptocurrencies, the expectation was that the exchange WOULD be flooded by Pi users, who are claimed to be over 47 million as of early 2024, or 60 million users, as cited in early 2025. However, performance to date has been muted, with a SEK price that has moved only modestly since its launch and limited trading volumes.
At the beginning of the year, the quoted price of Valour PI SEK was approximately 20 SEK per share, equivalent to €1.9–€2.0. This is a little below its all-time high of 25 SEK.
In comparison to other Valour ETPs launched at the same time, Valour Pi (PI) SEK has been among the weaker performers in terms of visible market traction. The 1.9% annual management fee, which applies across the entire cohort, further weighs on net performance, especially for a product with limited trading activity.
Valour shiba inu (SHIB) SEK, which rolled at the same time, has been a little more visible in the market, with a price of 8–9 SEK per share and slightly more trade. Other ETPs from the same launch, including Valour Ondo (ONDO), Cronos (CRO), Mantle (MNT), VeChain (VET), Ethena (ENA), and Celestia (TIA), have also struggled to show strong secondary-market activity on Spotlight.
Although Valour is part of Nasdaq-listed DeFi Technologies, it has not had the intended impact to align Pi to real-world applications. Meanwhile, the Intraday price shows levels at 19.32 SEK and little turnover of 143 in volume. With these volumes, institutional adoption looks unlikely.
PI coin price could rebound as top whale activity increases
The native token of Pi Network has followed the overall resurgence of the broader crypto market since the start of 2026. Its valuation has climbed by 3.2% over the past seven days.
Market watchers are looking out for the upcoming protocol 23 upgrade and the launch of the DEX and AMM mainnet this year. The most significant event will be their activity and volume.
A major Pi whale has continued to accumulate the coin. He transferred 313,565 tokens from OKX to OKX on Monday and 391,174 from OKX to a self-custody wallet.
However, the coin has also shown stagnation in demand due to the fear that the Pi token unlocks will continue this year. PiScan data shows that some whales have started selling their coins. There are now 21 whales, down from last week’s high of 23.
Analysts claim that PI has been “consolidating tight” under key resistance after trending higher. The analyst suggested that the asset is ready for new peaks once it crosses $0.215. A potential PI listing on Binance can truly make the asset “take off.”
Meanwhile, on-chain data shows that Pi had a 24-hour volume of $8 million, making it one of the least traded tokens in the top 50. The coin has seen a decline of 1.6% in the last 24 hours, now trading at $0,2075.
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