PYTH token prices fell roughly 12% to a new local low following the Binance hack, which reportedly resulted in losses of about $6.3 billion. Meanwhile, the total value secured by Pyth Network dropped $179 million in 24 hours, from $3.164 billion to $2.985 billion. The protocol’s monthly earnings plunged to about $1,310 from $434,640 in September, indicating a sharp decline in utility. Leveraged traders have favored short positions, with the funding rate at -0.0172 and about $36.77 million in short exposure. Although exchange net flows showed $1.56 million in outflows, potentially indicating accumulation, selling pressure remains strong.
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