MYX Finance (MYX) experienced a price decline of more than 12% within the last 24 hours, while its trading volume climbed 45%.
Price Movement and Liquidity
The token’s volume reached roughly $25 million, a figure that remains modest despite the uptick. Liquidity continued to erode, with the liquidity‑to‑market‑cap ratio slipping to 0.96% according to CoinMarketCap data. This weakening liquidity intensified selling pressure across both spot and derivatives markets.
Large Token Transfers
Arkham Intelligence flagged several substantial token movements linked to a multisig wallet. Over 17.96 million MYX, valued at $2.46 million, shifted from a Gnosis Safe Proxy to Bitget, while a separate transaction moved 50 million MYX worth $6.41 million. Additionally, 12 million MYX (exceeding $1.5 million) transferred from a Bitget cold wallet to a hot wallet, raising the likelihood of market circulation.
Combined, these transfers released approximately 80 million MYX, equating to about $10.4 million in potential supply. The market struggled to absorb this influx, further pressuring the token’s price.
Market Reaction
Leveraged long positions suffered heavy liquidations, with more than $230 000 wiped out compared to just $7 400 in short liquidations over the past 12 hours. Open interest contracted sharply, falling from above $3 million to roughly $2 million. Holder revenue dropped to zero, indicating that investors received no earnings from their positions during this downturn.