MYX Finance has fallen more than 12% in the past 24 hours, with trading volume increasing by 45%, but the total market capitalization is still only about $25 million. CoinMarketCap data shows that its liquidity-to-market-cap ratio has dropped to 0.96%, with selling pressure appearing in both the spot and derivatives markets.
Large money transfers raise supply concerns
Arkham data shows a surge in multisignature wallet-related transfers this month. Over 17.96 million MYX were transferred from the Gnosis Safe Proxy wallet to Bitget, while another wallet transferred out 50 million MYX. Simultaneously, 12 million MYX were transferred from Bitget's cold wallet to its hot wallet.
These transfers do not equate to immediate sales, but typically mean the tokens are closer to the circulating market. According to the article, approximately 80 million MYX tokens, worth about $10.4 million, have entered the potential distribution range. The market has clearly failed to absorb this supply, putting downward pressure on prices.
Short sellers are in control, and open interest is declining.
In the past 12 hours, long positions on MYX have been liquidated by more than $230,000, while short positions have been liquidated by only about $7,400. Open interest has also fallen from above $3 million to about $2 million, indicating a significant contraction in leveraged positions.
Protocol revenue also dropped to zero, indicating weakening on-chain activity. CVD in the Binance derivatives market continued to show selling pressure, and MYX failed to keep pace with the broader crypto market's 0.49% gain that day.
Key price level breached
MYX has broken below the triangle support level at $0.1876. This structure has been in place since March, and this break below it signifies a further amplification of the weakness following the consolidation.
However, the ADR rose from 0.48 to 1.83, indicating that selling pressure may be easing. If buying interest recovers to $0.1876 and the price rises above the upper edge of the triangle pattern, the break below may be corrected; otherwise, MYX may continue to be under pressure.
