- According to the data, BNB’s trading volume reached 883.77 million on July 11th. This increase indicated the interest in BNB.
- BNB’s 24-hour active addresses followed the same trend as Open Interest and trading volume. As of July 6th, this measure increased to 120.47 million.
- BNB’s profitable on-chain transaction volume was 11,200. On the other hand, the loss-making on-chain transaction volume was realized as 89,600.
BNB, which was severely affected by the lawsuit filed by the US regulator SEC against Binance exchange, has positive current metrics.
Increasing Trading Volumes in BNB Coin
The trading volume of Binance Coin (BNB), the native cryptocurrency of Binance exchange, reached nearly the highest level in a month. According to the data obtained from the on-chain analytics platform Santiment, BNB’s trading volume reached 883.77 million on July 11th. This increase indicated the interest in BNB. However, the renewed interest in BNB was not limited to swaps between wallets only.
The derivatives market also emphasized that the growing interest was not limited to spot transactions. For example, BNB’s Open Interest (OI) on exchanges has been increasing since July 7th. Open Interest measures the total number of contracts held by participants at the end of a trading day. Therefore, it determines market sensitivity and the strength behind prices. When this indicator decreases, it indicates liquidation in the market and many participants abandoning their positions.
However, the increase in BNB’s Open Interest means that traders are not affected by BNB’s price movement. As a result, BNB experienced an impressive flow of money into the futures and options markets.
In addition, BNB’s 24-hour active addresses followed the same trend as Open Interest and trading volume. As of July 6th, this measure increased to 120.47 million. The increase in active addresses means that more participants are involved in successful transactions. Therefore, BNB may have a good level of usage on its underlying network.
High Number of Addresses in Loss in BNB
The increasing participation and interest in BNB did not have a significant impact on liquidation. According to the data at the time of writing, BNB’s total liquidation amount on July 11th was below $230,000. Most of this amount came from short sales. However, the absence of a widespread liquidation indicates that most traders are predominantly in long positions in BNB.
Meanwhile, BNB’s profitable on-chain transaction volume was 11,200. On the other hand, the loss-making on-chain transaction volume was realized as 89,600. This is based on Santiment’s data for the first week of June.
These metrics, while tracking profitable or opposite-moving transactions, imply that BNB did not yield positive results for many investors for a period of time.
At the time of writing, the renewed interest in BNB may not be a sign confirming the bullish position. As a result, BNB has also been affected by Binance’s regulatory issues.
