The Open Network (TON) is undergoing a notable market shakeup, with recent data from cryptocurrency analytics firm CryptoQuant highlighting a dramatic deleveraging phase across its ecosystem. According to the report, the Total Value Locked (TVL) in decentralized exchanges (DEXs), centralized exchanges (CEXs), derivatives, and options tied to TON has plummeted, reflecting widespread investor disillusionment and aggressive position liquidation.
This sharp decline in speculative activity suggests that retail traders have reached a “point of maximum pain,” with many capitulating and offloading their holdings. However, CryptoQuant argues that such conditions historically create fertile ground for large-scale investors, or “whales,” to accumulate assets at discounted prices. “When retail sentiment hits rock bottom, it often marks a contrarian opportunity for strategic players,” the report notes, suggesting the current environment could precede a bullish reversal.
A key indicator supporting this thesis is the resurgence of TON’s Staking TVL Ratio, which tracks the percentage of the network’s total TVL committed to staking. Despite the broader market retreat, this metric has begun climbing again, signaling that a significant cohort of investors remains committed to TON’s long-term prospects. By locking tokens into staking contracts instead of selling, these participants demonstrate conviction in the network’s future utility and value—a dynamic that could stabilize prices and reduce sell-side pressure.
CryptoQuant emphasized that such patterns often precede supply redistribution phases, where assets shift from short-term speculators to long-term holders. This realignment, coupled with reduced leverage in derivatives markets, may lay the groundwork for a sustainable recovery. “The combination of capitulation in speculative sectors and renewed staking confidence could set the stage for TON’s next growth cycle,” the report concluded.
