Rich by Coin

MYX Finance faces a deteriorating price outlook as the asset extends its losses. The weakness in price aligns with soft fundamentals, as the protocol struggles to generate sufficient revenue to cover operational costs. In the near term, derivatives activity is driving market direction. Positioning across perpetual markets, whether dominated by longs or shorts, is shaping MYX’s short-term price trajectory.

Notably, the negative Funding Rate has not triggered capital flight. Open Interest rose by 1%, adding approximately $250,000 and bringing total outstanding positions to roughly $25 million. Typically, sharp negative funding coincides with declining OI as traders unwind exposure. In this case, capital remains in the market, suggesting active participation rather than broad liquidation.

Long/Short ratios across Binance, Bybit, KuCoin, and BingX show higher long participation. Bybit leads, with 51% of total perpetual volume attributed to long positions. Bybit’s positioning carries added weight, given its substantial share of MYX’s Open Interest and trading volume. This divergence suggests that while overall funding skews negative, certain trader cohorts are positioning for a potential rebound.

Spot market flows show signs of selective accumulation, with about $224,000 in net capital inflows in the past 24 hours. The liquidation heatmap highlights significant liquidity clusters above the current price, which often act as short-term magnets for price. The presence of larger clusters overhead increases the probability of a liquidity-driven upside move. Downside liquidity remains visible below current levels, though the depth is smaller than the upside clusters, leaving room for short-term upside volatility driven by derivatives positioning and liquidation dynamics.

Short sellers account for a significant share of liquidity in the derivatives market. Traders on Bybit, CoinEx, and BingX are increasing long exposure despite elevated downside risk.