Lyric discussion by Orichalcon 

Cover art for Hypoxia lyrics by Velvet Acid Christ

My favourite VAC song of them all, next to Velvet Pill and Pretty Toy.

VAC have descriptions for all their songs on their song. But before I read that I pretty much assumed it was a song about the anxiety and panic one would have being abandoned by their friends and loved-ones in their time of need. Hypoxia being both literal and a metaphor for the lack of breath and symptoms of that abandonment.