PYTH crypto sees $179M drop in secured value – Can prices recover?

Pyth Network [PYTH] has recorded a massive decline over the past day, with the asset plummeting roughly 12% to a new local low at press time. The reaction, expectedly, followed the Binance hack incident, which reportedly resulted in losses of roughly $6.3 billion. However, a closer look shows that the protocol has also recorded one of its weakest-performing months. Perpetual market activity has further fueled the decline, as traders concentrate capital on shorting PYTH. PYTH records a $179M capital outflow The decline in PYTH was accompanied by a massive on-chain capital outflow, tracked through Total Value Secured (TVS).

Source: AMBCrypto