Pi Network's move into the institutional space could mark a watershed moment. Before Valour introduced the $PI ETP, everything revolving around Pi had been strictly retail-oriented. That's where it stayed.

Now? The game shifts. An ETP fundamentally changes the landscape—it's a proper on-ramp for institutions to step in. Whether they actually will is another question, but the infrastructure is finally there. The pathway exists. That's the breakthrough.

For a project built on mobile-first accessibility, this institutional-grade product represents genuine evolution. It signals maturity. Whether retail hodlers see this as opportunity or dilution probably depends on how the next chapter unfolds.