MYX Drops 25% While 78.92% of Binance Traders YOLO Long — Pick Your Poison 🪢

MYX Finance fell 25% over the past 24 hours to $0.1807, even as 24-hour trading volume climbed 66.95% to $20.51 million. The combination of declining price and rising volume pointed to active distribution during the session, with buyers failing to establish a floor. After earlier this month being rejected from a $0.277 supply zone, MYX returned to a key demand region around $0.165, a level that has been retested multiple times since April with diminishing follow-through on each bounce.

Despite the slide, Binance trader positioning skewed heavily bullish. Data from the exchange showed 78.92% of top trader accounts holding long positions versus 21.08% short, producing a long-to-short ratio of 3.74. That imbalance left leveraged longs exposed to liquidation risk if price continued lower, and underscored a widening gap between sentiment among leading Binance traders and the prevailing downtrend.

Momentum indicators reinforced the weakening structure. The Relative Strength Index (RSI) sat at 39.35 after recently trading above 70, signaling that bullish momentum had largely evaporated following the token's June rally. Any defense of the $0.165 area could open a move back toward the $0.277 resistance, while a decisive break below support would likely deepen the correction and invalidate the current base.

Derivatives data painted a separate picture. The OI-weighted funding rate flipped negative to -0.0026%, a sign that short sellers were paying premiums to maintain their positions and that the broader derivatives market was positioning for further downside. That funding shift stood in direct contrast to the bullish long bias observed among top Binance traders, leaving the two cohorts at odds heading into the next session.