Investors Pull Back from BNB, Fear Extended Decline Ahead
According to CoinShares’ latest report, digital asset investment products saw inflows worth $176 million. This increase suggests that investors saw last Monday’s crash as an opportunity to accumulate at discount prices. While Bitcoin ($BTC ), Ethereum ($ETH ), and Solana ($SOL ) saw notable inflows, BNB was the only top-5 coin to experience an outflow. Specifically, Binance Coin recorded outflows totaling $1.2 million. This decline could be linked to BNB’s price action. During the flash crash, the coin’s value dropped to $404.30, causing panic among investors and spreading doubt about the cryptocurrency’s potential.
BNB ecosystem is experiencing a significant decline in development activity, a key metric for assessing a blockchain’s health and valuation.This metric indicates whether a project is experiencing growth and smart contract deployment. An increase in development activity suggests that developers are rolling out new features, which can potentially drive user adoption of the blockchain.
Current position means that BNB is undergoing a bearish trend. Suppose this remains the same; BNB’s price may decrease to $479.10. However, if bulls retrieve dominance from bears, the value of the coin may jump to $526.
