#PI# Pi Network native Crypto Assets exchange-traded product (ETP) — Valour Pi has had a lackluster market performance since its listing, failing to attract investor interest. In stark contrast, the price of Pi coin itself reached new highs this month, primarily due to massive Whale accumulation, strategic reductions in Mining rewards, and overall market optimism. Valour Pi ETP's cold reception (PI ETP performance | Source: Spotlight Stock Market) Valour Pi ETP was listed on the Swedish Spotlight Stock Market in late August, seen as a milestone for Pi Network’s integration into the TradFi market. However, since its listing over two weeks ago, the product has failed to win favor with investors. Trading data shows that its Trading Volume has been declining, sometimes with only one trade in a day, indicating low enthusiasm in the European market for the product. Why is the price of Pi coin rising against the trend? Despite the poor performance of the ETP, Pi coin itself has shown strong momentum. During the early trading session in Asia, Pi coin's price surged to $0.36, hitting a new high for the month, with a daily rise of 1.73%. The reasons for its price rise can be summarized as follows: • Whale accumulation: According to on-chain data, a massive Whale Wallet has been buying Pi coins in large quantities from CEX. This Whale purchased 441,549 PI just hours ago, bringing its total holdings to 373 million PI. Such large-scale purchasing behavior is usually seen as a strong signal of optimism towards the long-term potential of the Token. • Supply management: Pi Network has strategically reduced its Mining rewards to increase Token scarcity. The basic Mining rate for September was lowered by 1.23%, to 0.0027405 PI per hour. Without Mining rewards, it now takes over 15 days to mine a single Pi coin, aiming to stabilize prices by tightening supply. • Market sentiment: The rise of Pi coin is not an isolated event. The broader Crypto Assets market has also generally rebounded, with major coins showing upward trends. Additionally, the community's optimism regarding Pi Network's co-founder's attendance at the TOKEN2049 conference and the upcoming "alts season" has also supported the recent price increase.