![Jito [JTO] drops 14% as TVL falls $193M amid weakening activity](/_next/image?url=https%3A%2F%2Fimages.askfuzz.ai%2Farticle_images%2Fjito-jto-drops-14-as-tvl-falls-193m-amid-weakening-activity.webp&w=3840&q=75)
Jito [JTO] continued its decline, dropping roughly 14% over the past day and 17% over the past seven days, according to reports from AMBCrypto. The cryptocurrency kept leaving exchanges as its price fell, with holders potentially settling in for a longer wait. The slide coincided with falling Total Value Locked (TVL), lower fees, and net outflows from the perpetual market, suggesting weakening participation in the protocol.
Jito's TVL fell by over $193 million between the 5th of October and press time, reaching $1.076 billion, as reported by AMBCrypto. TVL measures the value of assets deposited in a protocol, with changes reflecting both withdrawals and movements in deposited assets' prices. Fees fell from $532,600 to roughly $220,729 across the period, a 58.56% decline, according to DeFiLlama data. The decline in fees was consistent with reduced revenue-generating activity, adding to the pressure surrounding Jito's performance.
The weakness extended into the perpetual market, where JTO recorded roughly $3.8 million in net outflows over the past 24 hours, with gross outflows reaching about $30.59 million, as reported by AMBCrypto. These figures pointed to capital leaving the market, although they did not independently establish which positions traders closed. The Funding Rate fell to -0.0020%, signaling bearish pressure in perpetual pricing, with a negative Funding Rate generally meaning shorts pay longs. However, AMBCrypto notes that JTO's reported $46.93 million in Open Interest represented outstanding contracts rather than evidence of more capital allocated to shorts.
Spot Exchange Netflows offered a different signal, reaching roughly -$635,000 over the past 24 hours, according to AMBCrypto. Negative Exchange Netflows meant more JTO left tracked exchanges than entered them, with cumulative Netflows remaining negative across the 3-day, 5-day, and 7-day periods. These withdrawals could reflect accumulation or transfers into custody, with traders sometimes withdrawing tokens when preparing to hold them longer, though fresh buying remained unconfirmed. The persistence of negative exchange outflows across multiple time periods offered a possible bullish counterpoint to the overall bearish sentiment.
