MYX Finance (MYX) has recently been under significant pressure. In the past 24 hours, MYX price has dropped approximately 11%, with the market dominated by sellers, and overall sentiment remains bearish. On-chain data and derivatives indicators jointly point to a signal: if demand cannot recover, the downside risk for MYX may continue.
From an on-chain fundamental perspective, liquidity outflows are accelerating. Total Value Locked (TVL), an important metric for measuring the health of DeFi protocols, has recently experienced a significant decline. According to DeFiLlama data, MYX Finance’s TVL has decreased by about $1.16 million in just 8 days, currently down to approximately $22.64 million, indicating ongoing capital withdrawal from the protocol.
This liquidity depletion is closely related to the sharp decline in protocol revenue. Data shows that MYX recorded a peak monthly revenue of about $16,685 in October, but to date, the protocol’s revenue has plummeted to around $105, a decline of over 99%, setting a new all-time low. Since MYX’s revenue is highly dependent on trading activity, this change reflects a significant decrease in protocol usage and market participation. Additionally, token unlocks and withdrawal behaviors have further intensified selling pressure, weakening overall ecosystem demand.
The derivatives market also signals a bearish outlook. The open interest-weighted funding rate for MYX perpetual contracts has turned negative, currently around -0.014%, indicating that short positions are dominant. Meanwhile, open interest has decreased by about 14%, down to $21.27 million, showing over $3 million in funds flowing out of the derivatives market. Spot trading volume, driven by order book takers, has also sharply contracted from previous levels of $171 million to about $44.74 million. The simultaneous decline in volume and price is typically a characteristic of a weak market.
From a technical perspective, MYX still has some potential for a short-term rebound. The price is currently operating near the lower boundary of the ascending channel, forming a short-term bullish structure. However, judging from the medium-term structure, the overall trend remains fragile. The market is focusing on two key support levels: the first around $0.34, and the second at the channel’s starting point, approximately $0.23.
If the bulls fail to hold these support zones, MYX’s downward trend could further intensify. For investors paying attention to MYX price movements, DeFi liquidity risks, and small-cap token volatility, it is crucial to remain vigilant about further deterioration in liquidity and derivatives market sentiment in the short term.
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