BNB recorded a 6.7% increase in the number of active addresses over the week, with a cash flow of 20 million USD withdrawn from exchanges and strong demand in derivatives maintaining the optimistic trend.
Strong on-chain activity, along with increasing liquidity and optimistic sentiment in the derivatives market, is reinforcing the recovery and the potential for BNB to establish a new price peak.
MAIN CONTENT
The on-chain active addresses of BNB have surged significantly compared to other EVM chains.
The withdrawal of 20 million USD from exchanges indicates strong holding sentiment.
The derivative divergence maintains an upward trend, but BNB's price needs to hold the support zone of 855–850 USD.
What is BNB and how has the recent market activity been?
BNB (Binance Coin) is the cryptocurrency of the Binance ecosystem, having just experienced strong performance last month, despite a short-term adjustment of 2.02% to 862 USD in the last 24 hours.
In the past month, BNB increased significantly by 13.04%, thanks to demand and active trading. The market remains attentive to supply-demand fluctuations and BNB's performance, especially after a slight price adjustment.
The ability to hold prices during short-term adjustments while maintaining superior monthly performance shows that BNB is very attractive to both long-term investors and derivative traders.
What does the significant increase in active addresses on BNB Chain mean?
According to Nansen, last week, BNB Chain topped EVM chains in terms of active addresses, with 10.8 million addresses, an increase of 6.7% compared to the previous week.
Strong trading activity and an increasing number of addresses are signs of a healthy blockchain network, leading to positive sentiment and attracting additional liquidity.
– Nansen report on the activity metrics of EVM chains, 2024
The gap between BNB Chain and its competitors is vast: Base ranks second with 6.7 million addresses, Ethereum only reaches 2.7 million. This confirms the practical application position and attractiveness of the BNB ecosystem for users and developers.
A high number of active addresses usually drives trading demand, thereby boosting volume and liquidity in the market, providing a more stable price foundation and potential for new growth.
How has the trading volume on BNB Chain changed?
The daily trading volume of the BNB chain recorded 1.988 billion USD, while the total trading volume over 30 days reached 58 billion USD (according to DeFiLlama).
Strong trading volumes reflect the attractiveness and vitality of the BNB ecosystem. Cash flow continues to circulate and rotate between projects, leading to the development of many DeFi, NFT, and on-chain DeFi products.
Compared to many other chains, BNB Chain still maintains advantages in low transaction fees, fast processing speeds, and a large community scale, providing a foundation for stable and sustainable trading volume.
What impact does cash flow withdrawal from exchanges have on BNB's price?
In the past 48 hours, investors have withdrawn 20 million USD worth of BNB from exchanges and transferred it to personal wallets (according to CoinGlass).
Cash flow out of exchanges often reflects investor sentiment to hold long-term rather than short-term trading. This is the main driver that helps reduce supply on exchanges and can boost prices when demand increases.
When investors tend to withdraw cryptocurrencies to private wallets, supply on exchanges decreases, creating conditions for price increases if buying pressure remains stable.
– CoinGlass market report, 2024
The event of tens of millions of USD cash flow withdrawal from exchanges is a positive signal, indicating that confidence in medium- and long-term holding strategies for BNB continues to be strongly reinforced.
What sentiment is the BNB derivatives market showing?
The BNB derivatives Funding Rate index remains at a positive 0.0099%, reflecting that long investors (buyers) pay fees for short positions (sellers). This confirms a clear bullish sentiment in the derivatives market.
When the funding rate remains positive, long positions reflect confidence in BNB's price increase. This often acts as an additional catalyst when combined with cash flow withdrawals from exchanges and strong chain activities.
Derivatives are a market that reacts quickly to information fluctuations and large cash flows. A bullish sentiment here often leads short-term trends and creates leverage for aggressive price increases if other factors align.
Can BNB set a new peak?
Technical analysis indicates that although the outlook remains bullish, BNB may correct towards the support zone of 855–850 USD before rebounding and aiming for a new historical peak.
If this price range holds, it will be an important stepping stone for the next bullish trend. If buying pressure weakens, the price may retreat to the gradually increasing support line that has previously triggered at least six recovery phases.
It is important for BNB to maintain this support channel to sustain the bullish structure. Overall, the current price pattern suggests a scenario of 'dip to bounce', with positive expectations on both technical and cash flow aspects.
What factors could influence the price trend of BNB in the near future?
The growth of active addresses, large cash withdrawals from exchanges, optimistic sentiment in the derivatives market, and strong trading volume create a solid foundation for BNB.
However, the market also needs to pay attention to risks related to excessive speculative sentiment, short-term cash flow volatility, or macro factors such as regulatory changes or fluctuations in other major cryptocurrencies.
The BNB community and ecosystem play a crucial role in maintaining attractiveness, while actual performance and technological innovation will determine the ability to sustain strong growth in the coming quarters.
Comparison table of activity metrics for BNB Chain and major EVM chains (according to Nansen)
EVM Chain Active Addresses (Last week) 30-Day Trading Volume (USD) BNB Chain 10.8 million 58 billion Base 6.7 million Not disclosed Ethereum 2.7 million Not disclosed
Frequently Asked Questions
Besides the active address index, what factors are driving BNB's price?
The withdrawal of 20 million USD from the exchange, optimistic sentiment from the derivatives market, and large trading volumes are maintaining the price increase of BNB.
What does cash flow withdrawal from exchanges mean for investors?
Investors tend to hold BNB long-term, reducing supply on exchanges and supporting stable price increases.
Technical analysis shows which BNB buy/sell points are the most important?
The strong support zone is at 855–850 USD; this is a key reference point to wait for a new upward trend.
What does BNB leading EVM chains in activity metrics signify for its long-term meaning?
Demonstrating community strength and practical applications, stabilizing the ecosystem, and future development potential.
What are the main risks of investing in BNB at this time?
Macroeconomic market fluctuations, excessive speculative sentiment, and regulatory policy changes are factors that need close monitoring.
Source: https://tintucbitcoin.com/bnb-vuot-ethereum-thiet-lap-ky-luc/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated on the latest news in the cryptocurrency market and not miss any important information!
