$IRYS Plunges 69.7% in 24 Hours; BLAST Announces It Is Shutting Down
Event details: IRYS is currently trading at $0.033, down 69.7% in 24 hours. It reached a high of $0.32757 on October 23, and its current price is nearly 90% below that peak. BLAST announced earlier this month that it would cease operations. Users must withdraw their assets to the Ethereum mainnet by October 26. Upbit will delist BLAST spot trading at 12:00 local time on October 26. $AXIS was listed on Upbit on October 21 and Bithumb on October 24. After the positive news was priced in, funds flowed out, and it fell 2.5% in 24 hours. Among net outflows from crypto spot markets over the past 24 hours, BTC saw $166 million in net outflows and ETH saw $114 million. IRYS, AXIS, and BLAST ranked first among altcoins for outflows, with net outflows of $30.65 million, $25 million, and $23 million, respectively.
Why this is worth watching: This is a textbook case of investors selling the news. The three cases—IRYS plunging after a short squeeze, AXIS peaking as soon as it was listed on two exchanges, and $BLAST shutting down and being delisted—all point to the fragility of current altcoin liquidity: any positive news is being used as exit liquidity.
Resistance and support levels: IRYS has no reliable support and is experiencing an extreme liquidity decline; for AXIS, refer to the cost basis on its listing platforms; for BLAST, refer to the delisting announcement.
Outlook: In the short term, this is a strong warning to avoid altcoins with no fundamentals. After Upbit delists BLAST, holders must withdraw their assets by October 26 or risk being unable to recover them.
About the tokens: IRYS is a data provenance and storage project; BLAST was an L2 launched by Blur and has announced it is shutting down; AXIS is an emerging token recently listed on several Korean exchanges.
Event details: IRYS is currently trading at $0.033, down 69.7% in 24 hours. It reached a high of $0.32757 on October 23, and its current price is nearly 90% below that peak. BLAST announced earlier this month that it would cease operations. Users must withdraw their assets to the Ethereum mainnet by October 26. Upbit will delist BLAST spot trading at 12:00 local time on October 26. $AXIS was listed on Upbit on October 21 and Bithumb on October 24. After the positive news was priced in, funds flowed out, and it fell 2.5% in 24 hours. Among net outflows from crypto spot markets over the past 24 hours, BTC saw $166 million in net outflows and ETH saw $114 million. IRYS, AXIS, and BLAST ranked first among altcoins for outflows, with net outflows of $30.65 million, $25 million, and $23 million, respectively.
Why this is worth watching: This is a textbook case of investors selling the news. The three cases—IRYS plunging after a short squeeze, AXIS peaking as soon as it was listed on two exchanges, and $BLAST shutting down and being delisted—all point to the fragility of current altcoin liquidity: any positive news is being used as exit liquidity.
Resistance and support levels: IRYS has no reliable support and is experiencing an extreme liquidity decline; for AXIS, refer to the cost basis on its listing platforms; for BLAST, refer to the delisting announcement.
Outlook: In the short term, this is a strong warning to avoid altcoins with no fundamentals. After Upbit delists BLAST, holders must withdraw their assets by October 26 or risk being unable to recover them.
About the tokens: IRYS is a data provenance and storage project; BLAST was an L2 launched by Blur and has announced it is shutting down; AXIS is an emerging token recently listed on several Korean exchanges.