Bitcoin News Today: MYX's 167% Surge Sparks Debate: Growth or Manipulation?

MYX Finance’s native token, MYX, surged by over 167% in the past 24 hours, reaching an all-time high of $3.78 before trading at $3.56 as of press time. This dramatic rise has sparked significant market attention and debate. The token’s market capitalization has more than doubled to over $450 million, with trading volume across platforms such as Bitget, PancakeSwap, and Binance spiking by 1,318% to $313 million. Bitget alone accounted for 66% of the volume, indicating a heavy concentration of trading activity on a single platform [1].

The surge has prompted mixed reactions from market analysts. On one hand, some view the rally as a sign of strong investor confidence, particularly in venture capital and family offices showing interest in perpetual decentralized exchange (DEX) projects. MYX Finance operates a non-custodial DEX that uses a "Matching Pool Mechanism" to reduce slippage and enhance capital efficiency. Analysts have noted that the price jump reflects a broader appetite for innovation in decentralized futures trading [2]. However, others have raised concerns about the legitimacy of the price movement, pointing to patterns that resemble market manipulation.

Dominic, a well-known crypto analyst, has highlighted several red flags in the token’s recent performance. He observed an unusual rise in perpetual trading volumes that seem inconsistent with the project’s market size and liquidity. Additionally, over $10 million in short positions were liquidated in a single day, a development he linked to whale-driven price manipulation aimed at triggering forced liquidations. Dominic also noted the suspicious timing of a 39 million token unlock, which coincided with the price spike. On-chain data further showed small buyers funneled into a central wallet across multiple exchanges, suggesting a coordinated effort to push the token’s price [1].

The debate over organic growth versus manipulation is further complicated by the token’s technical indicators. Funding rates on MYX perpetual contracts on Binance and Bybit briefly hit +80% before easing to -31%, signaling aggressive long positioning. Open interest on major exchanges also surged, with Binance futures OI reaching $101.6 million and Bybit at $42.5 million. These figures indicate increased participation but also raise the risk of a reversal if prices drop. Analysts warn that the sharp ascent may lead to a pullback unless support levels, such as the $3.00 mark, hold firm [2].

In contrast to the bullish momentum in MYX and other altcoins, the Ethereum (ETH) spot ETF market has seen a significant outflow. Over five trading days, spot Ether ETFs recorded $952 million in outflows, with the largest single-day withdrawal amounting to $446.71 million. This trend has shifted investor attention toward Bitcoin ETFs, which attracted $246.4 million in inflows during the same period. BlackRock’s iShares Bitcoin Trust (IBIT) saw the highest inflow, with assets under management rising to $58.6 billion. The shift reflects a broader risk-averse sentiment driven by concerns over U.S. economic data and expectations of potential interest rate cuts [3].

The ETH price has dipped 1.8% over the past week, trading below $4,300 despite a 16% rise in the past month. Market participants attributed this decline to macroeconomic uncertainty and a general flight to safer assets such as gold, which has traded above $3,600 for the first time. The outflows from Ether ETFs may draw regulatory scrutiny, especially as they occur amid heightened volatility and concerns over market stability. However, some experts suggest that such movements are often followed by periods of stabilization rather than long-term declines [3].

Source:

[1] Why Are Analysts Worried About MYX's 167% Surge? (https://beincrypto.com/myx-finance-price-surge-manipulation/)

[2] What is MYX Crypto? Why did MYX Price Just Blast +173%? (https://99bitcoins.com/news/altcoins/what-is-myx-crypto-why-did-myx-price-just-blast-173)

[3] Ether ETFs Face $952M Outflows as Bitcoin Funds Gain ... (https://www.cointribune.com/en/ether-etfs-face-952m-outflows-as-bitcoin-funds-gain-flows/)