$PYTH is around 0.075 now, lower than it was ten days ago when the “100% buyback” was officially announced.
Here’s the timeline in Beijing time:
· Oct. 8, 22:30: Pyth’s official account posted the 100% Rule—every dollar the DAO receives will be used to buy PYTH each month (according to BSCN, previously only 30% was used). The price spiked from 0.0764 to 0.0860 in that hour, then fell back to 0.0737 the next hour.
· Late on Oct. 13: Q3 results were released: ARR of $11.49 million, up 86% quarter over quarter.
· Late on Oct. 15: The price surged to 0.1009, the high for this run.
Since then, it’s been a steady giveback. Binance spot is down about 11% over 24 hours today. At 9 p.m., the hourly candle plunged straight from 0.0786 to 0.0750, while $BTC fell only a little over half a percent in the same hour.
I’m leaning bearish. The buybacks are real, and so is the ARR growth. The issue is the scale: even if all the ARR went to the DAO and was entirely used for purchases, that would still be less than $1 million a month; Binance spot alone trades over $8 million a day. Monthly buybacks can’t absorb short-term selling pressure, and the market has already repriced this story.
When the good news is out but the price has returned to where it was before the announcement, I don’t treat it as a bottom to buy into.
$PYTH
Here’s the timeline in Beijing time:
· Oct. 8, 22:30: Pyth’s official account posted the 100% Rule—every dollar the DAO receives will be used to buy PYTH each month (according to BSCN, previously only 30% was used). The price spiked from 0.0764 to 0.0860 in that hour, then fell back to 0.0737 the next hour.
· Late on Oct. 13: Q3 results were released: ARR of $11.49 million, up 86% quarter over quarter.
· Late on Oct. 15: The price surged to 0.1009, the high for this run.
Since then, it’s been a steady giveback. Binance spot is down about 11% over 24 hours today. At 9 p.m., the hourly candle plunged straight from 0.0786 to 0.0750, while $BTC fell only a little over half a percent in the same hour.
I’m leaning bearish. The buybacks are real, and so is the ARR growth. The issue is the scale: even if all the ARR went to the DAO and was entirely used for purchases, that would still be less than $1 million a month; Binance spot alone trades over $8 million a day. Monthly buybacks can’t absorb short-term selling pressure, and the market has already repriced this story.
When the good news is out but the price has returned to where it was before the announcement, I don’t treat it as a bottom to buy into.
$PYTH