Cold Wallets and 90% Short Liquidations Signal MYX's Bullish Takeover

MYX, a digital asset experiencing significant price movement in recent weeks, surged over 200% in the past 30 days, erasing $48.7 million in short positions and outpacing similar metrics for Bitcoin and Ethereum. The token's meteoric rise has triggered a wave of liquidations on derivative markets, with short sellers bearing the brunt of the losses. According to on-chain data, the majority of liquidations occurred on major centralized exchanges, with Binance, Bybit, and KuCoin accounting for the largest share of activity. These platforms recorded combined short liquidations of over $25 million in the last week alone .

The volume of trades on MYX has also surged, surpassing that of XRP, another high-profile asset in the digital market. Trading volumes for MYX reached an average of $450 million per day in the past seven days, compared to XRP’s $400 million average. This increase in liquidity has attracted both retail and institutional traders, with several major hedge funds and crypto-native firms reportedly entering long positions ahead of a potential price break above key resistance levels. Analysts suggest that this influx of capital is partly driven by speculative trading as well as a growing interest in altcoins that offer higher leverage compared to leading cryptocurrencies .

Short liquidations on MYX have continued to climb as traders who had bet on a price decline are now facing forced unwinding of their positions. Derivative platforms report that over 90% of liquidated positions in the past week were short-sided, with leverage ranging from 5x to 100x. The average loss per liquidated position was estimated at $1,200, with some high-leverage accounts losing up to $250,000 in a single day. This trend highlights the high volatility and risk associated with leveraged trading in the current market environment .

The price rally has also attracted attention from on-chain analysts, who are tracking the movement of large wallets. According to recent reports, over $1.2 billion in MYX is currently held in cold storage, with nearly 30% of that belonging to a single unknown entity. This entity has been accumulating the token over the past six months without any significant outflows. Analysts speculate that this could indicate long-term bullish sentiment or the presence of a strategic market player influencing price action .

Market observers are closely watching whether the current momentum in MYX will persist or if a correction is on the horizon. While the token has demonstrated strong buying pressure, some traders are cautious about the sustainability of the rally, particularly given the high levels of leverage and short exposure currently in play. Technical indicators suggest that MYX is approaching a potential consolidation phase, with key resistance levels forming around $1.25 and $1.40. Whether the price can break through these levels will likely determine the next phase of the token’s trajectory .

"MYX Surpasses XRP in Trading Volume as Short Liquidations Hit $48.7M," cryptoanalysis.com

"Institutional Interest in MYX Grows as Price Surges Past $1.00," digitalassetnews.io

"Derivative Platforms Report Record Short Liquidations for MYX," cryptoderivatives.net

"On-chain Analysis: MYX’s Cold Wallets and Market Influence," blockchainanalytics.org

"Market Analysis: Is MYX’s Rally Sustainable?" fintechweekly.com