BNB sees weakening demand and increased sell-offs: What’s next?

• BNB recorded a weakening sentiment of the on-session because the participants show a lack of interest in the asset.
• The open interest in the options market continued while the Spot Investors are sold.

Binance coin [BNB] Maintained a relatively stable level in the last day without noticing any significant profit or loss during this period.

The current sentiment on the chain does not support the market rally. Given that the interest is also in places of derivative markets, the selling pressure is more visible. Here’s all you would know.

Interest on the BNB chain disappears rapidly

Interest in trading and usefulness of BNB across the BNB chain has weakened in the last day.

At the time of writing, the number of daily transactions completed in the chain recorded a sharp decline and reached its lowest level this month.

This decline occurred after a decline BSCSCAN.

This decline in activity means that market participants are not actively engaged in network or use BNB.

Potential market participants may respond to this signal because the number of new addresses has fallen significantly in the last day.

At the time of writing, the number of new participants decreased by 25%. This metric usually increases during a period of high interest and decreases during a period of low interest.

There are more of them: the most active addresses have probably also begun to sell because they have seen a significant increase in activity in the last day.

The number of daily active addresses that have completed more than 100 transactions according to this period have increased significantly Artemis.

This trend suggests that the most active participants and traders using BNB leave, especially because the volume of 8% drop has dropped to $ 1.29 billion.

Derivative markets with bears

Derivative markets on Coinglass They both turned to BNB, with investors expecting another price drop.

On the derivative market, traders in options led the sale. At the time of writing, open interest in the option – which determines whether liquidity enters or leaves the market – indicates the other.

The open interest on the possibility of 71.36%, by $ 3.09 million on the last day, which meant a large conclusion of the contract, with long liquidation contributed to the trend.

A closer look at the rate of financing the weighted oi-what gives a better insight into the overall derivative sentiment-compromises that carried is control.

This metric dropped to negative territory and read -0,0023%, suggesting that most open contracts come from sellers of betting on price drop.

Weekly sale of $ 36 million suggests more pain forward

The analysis shows that the spot market reflects the behavior of the participants and derivative investors on-theery.

The sales volume increased on the spot market, while traders interpreted a BNB worth $ 2.18 million in exchange for other assets, possibly stablecoins or alternatives with stronger price views.

This sale has shifted a cumulative weekly sale to $ 36 million, a significant outflow of other ecosystems. If this negative trend continues on the markets, it is likely that it will cause a further decrease in prices for BNB.