MYX Finance [MYX] fell more than 12% over the past 24 hours, while trading volume increased by 45%.
Even so, volume remained relatively low at around $25 million. Liquidity also continued to weaken, with the liquidity-to-market-cap ratio sitting at 0.96%, according to CoinMarketCap. That decline came as selling pressure intensified across both Spot and derivatives markets.
Why is MYX facing heavy selling?
MYX’s decline this month appeared to coincide with large token transfers linked to a multisig wallet.
According to Arkham data, more than 17.96 million MYX tokens worth $2.46 million moved from a Gnosis Safe Proxy wallet to Bitget. Another wallet transferred 50 million MYX, worth $6.41 million.
On top of that, 12 million MYX tokens worth over $1.5 million moved from a Bitget cold wallet to a hot wallet. While these transfers do not confirm selling, they typically increase the likelihood of tokens entering circulation.
Taken together, roughly 80 million MYX tokens worth about $10.4 million became available for potential distribution.
The market appeared unable to absorb that supply, adding pressure to price action.
In fact, long liquidations surged over the past 12 hours. More than $230,000 in long positions were liquidated, compared to just $7,400 in shorts. That suggested leveraged bulls were caught on the wrong side of the move.
On top of that, Open Interest dropped sharply from above $3 million to roughly $2 million. Holder revenue also fell to zero, signaling weaker protocol activity.
Can MYX avoid a deeper decline?
MYX broke below the support of a triangle pattern at $0.1876.
The daily chart showed the token had traded within this structure since March. That meant the recent weakness emerged after months of consolidation.
Moreover, the Cumulative Volume Delta (CVD) highlighted continued selling pressure on Binance’s derivatives market. At press time, roughly 26.64 million MYX contracts were positioned on the short side. That suggested bearish traders remained active despite the broader crypto market rising 0.49% over the past day.
However, the Advance/Decline Ratio (ADR) improved from 0.48 to 1.83. That shift suggested selling pressure may be easing.
If buyers reclaim $0.1876 and push above the triangle resistance, the breakdown could prove to be a fakeout. Otherwise, MYX may remain under pressure as bearish sentiment continues to dominate.
Final Summary
- MYX fell over 12% after large token transfers increased fears of additional supply entering the market.
- A recovery above $0.1876 could invalidate the breakdown, while failure to reclaim support may extend losses.
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