Market funds are fleeing in droves,
#OP suffers a deep correction
Overall capital in the crypto market has continued to tighten recently. Over the past 24 hours, net outflows across the entire market reached as much as $91.76 billion. Amid a broad market sell-off, OP was unable to buck the trend, plunging 12% in a single day and showing considerable short-term weakness. This decline was not simply the result of broader market pressure. Its root cause was the continued drop in on-chain activity across the OP ecosystem. Weak fundamentals and capital flight have combined to weigh on the token price and limit any rebound.
On-chain data weakens across the board as ecosystem activity cools sharply
On-chain data paints a clear picture of weakness in the OP ecosystem. Since October 5, the project's TVL has continued to shrink, with total value locked across the network now at just $485.95 billion and $14.33 million in funds having flowed out recently. Most strikingly, DEX trading volume has plunged: after peaking at $495 million in early September, it has now fallen to just $21 million, with activity nearly halved.