The BNB index is currently showing a significant decline in market sentiment, with users appearing to be less interested in this asset. Trading in the options market continues to decrease, while investors trading on the exchange are liquidating their assets. This article will delve into key indicators related to BNB, from on-chain sentiment to developments in the derivatives market, to help you better understand the current status of this cryptocurrency.
On-chain sentiment about BNB has declined
Trading sentiment and the utility of BNB on-chain have decreased in the last 24 hours. The daily transaction volume has dropped significantly, indicating market participation has fallen to its lowest level this month.
According to information from BSCScan, the daily transaction volume has decreased by 12.02%, down to just 12.7 million transactions. This decline highlights that market participants are not actively interacting with the BNB network.
This is clearly reflected when the number of new addresses participating has also decreased by 25% in the past day. Typically, this index would increase during periods of high interest.
The state of the options market faces negativity
The options market is currently turning negative for BNB, reflecting concerns that the price will continue to decline. According to CoinGlass, the open interest index for options has decreased by 71.36% to just 3.09 million USD in the past day.
This indicates that many contracts have been closed, including the liquidation of long positions. In addition, the weighted open funding rate index shows a more negative picture, as most open contracts are from short-selling investors.
The sell-off worth 36 million USD continues to threaten BNB
The trading market for BNB shows a trend similar to the sentiment of on-chain investors as well as in the derivatives market. Trading on the market has witnessed a sell-off of 2.18 million USD in BNB for other assets, which may be stablecoins or other more reliable value options.
This sell-off has pushed the total revenue for the week to 36 million USD, a significant figure indicating a shift of capital flows to other ecosystems. With the ongoing negative momentum, BNB's price may continue to decline in the near future.
Conclusion: A bleak future for BNB
Overall, the current situation of BNB shows a clear downtrend from both on-chain and derivatives market perspectives. If selling pressure continues to increase without any positive adjustments from the market, BNB's price will face more difficulties in the coming time.
Source: https://tintucbitcoin.com/bnb-nhu-cau-giam-ban-thao-tang/
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