MYX Finance [MYX] recently defied a broader market downturn, registering a 5% gain, yet its overall market sentiment remains surprisingly fragmented. This intriguing divergence highlights a battle between weakening on-chain fundamentals and persistent bullish speculation on centralized exchanges, painting a complex picture for the asset's immediate future.
On-Chain Activity Signals Underlying Weakness
Despite its price resilience, MYX's on-chain activity suggests a concerning lack of fundamental support. Participation levels remain insufficient to sustain a rally, reflected most starkly in its revenue figures. Month-to-date, MYX's revenue stands at a mere $358, marking the second-lowest level recorded by the protocol and indicating significantly reduced user activity. Protocol fees are similarly subdued at just $45. While Total Value Locked (TVL) has remained stable, implying existing participants are holding assets, the drastic decline in revenue and fees points to a fading user base and suppressed demand for MYX tokens.
Exchange Data Reveals Persistent Bullish Speculation
In stark contrast to its on-chain woes, activity across centralized exchanges tells a different story, revealing sustained speculative interest. The Open Interest–Weighted Funding Rate, a key indicator for perpetual traders, remains positively skewed at 0.0029%. This modest but positive reading suggests that long positions still slightly outweigh short positions, despite a broader reduction in overall market exposure. Notably, recent capital outflows and losses in the perpetual market were predominantly absorbed by long traders, indicating a strong conviction among some speculative investors who are positioning for potential upside.
Liquidation Heatmap Hints at Potential Rebound
Further analysis through the Liquidation Heatmap offers additional insight into MYX's potential trajectory. The data illustrates price compression within a defined range, often a precursor to sharp market movements. Crucially, liquidity appears more concentrated above the current price level. These denser clusters of unfilled orders act as price magnets, suggesting a stronger upward pull. While short sellers have recently made some gains, the overall speculative landscape, coupled with these liquidity dynamics, increasingly favors a potential rebound for MYX if market momentum begins to align with the growing exchange-based bullish sentiment.
