This constant rise of BNB is supported by the expansion across multiple HODL wave cohorts: a metric that tracks the percentage of circulating supply held over different holding periods.
Between July 24 and August 23, three key cohorts increased their holdings: the one to two-year holdings increased from 6.55% to 7.52%, the three to six-month holdings rose from 1.62% to 7.30%, and the one to three-month holdings increased slightly from 2.29% to 2.306%.
These increases confirm that both long-term and medium-term investors are buying when values are rising rather than waiting for dips, which adds new fuel to the BNB price train.
It is not just the spot markets driving the rally. Open interest in BNB futures has steadily increased alongside prices, reaching a three-month high of $1.27 billion on August 22. Current levels remain around the same area.
The growing open interest implies that leveraged traders are piling in, which increases the potential for both upward moves and sudden contractions. If momentum favors the bulls, short position liquidations could accelerate the movement above $899 and unlock higher price discovery levels.
On the other hand, a sudden compression of long positions could generate volatility and pullback, but the current alignment between the spot market and derivatives suggests that the bias remains bullish.
Open interest in futures measures the total number of outstanding futures contracts that have not been settled and shows how much capital is tied to derivatives.