MYX Finance Slides 12% as $10.4M Token Shuffle Has Bulls Catching Falling Knives 🪓

MYX Finance [MYX] lost more than 12% over the past 24 hours, with trading volume rising 45% to roughly $25 million, according to CoinMarketCap. The decline unfolded as selling pressure increased across both spot and derivatives markets, while the broader crypto market ticked up 0.49% over the same period.

The price weakness coincided with a series of large token transfers visible on Arkham. More than 17.96 million MYX, valued at $2.46 million, moved from a Gnosis Safe Proxy wallet to Bitget. A separate wallet transferred 50 million MYX worth $6.41 million, and 12 million MYX, valued at over $1.5 million, was shifted from a Bitget cold wallet to a hot wallet. In total, about 80 million MYX, worth approximately $10.4 million, became available for potential distribution, increasing the likelihood of tokens entering circulation.

Derivatives data pointed to a heavily bearish positioning. Over the past 12 hours, more than $230,000 in long positions were liquidated, compared with just $7,400 in shorts. Open Interest dropped sharply from above $3 million to roughly $2 million, and holder revenue fell to zero, signaling weaker protocol activity. Binance's Cumulative Volume Delta (CVD) continued to show net selling, with around 26.64 million MYX contracts positioned on the short side at press time.

On the chart, MYX broke below the support of a triangle pattern at $0.1876, a structure that had contained price action since March. Liquidity also remained thin, with the token's liquidity-to-market-cap ratio at 0.96%. The Advance/Decline Ratio (ADR) improved from 0.48 to 1.83, indicating that selling pressure may be easing. A reclaim of $0.1876 and a push above the triangle resistance would invalidate the breakdown, though the bearish setup remains intact if buyers fail to step in.