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). TVS tracks the total value of assets managed by the protocol, including bridged and native tokens. The decline suggests that market participants are pulling back from active utility.

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