Surge in Binance’s BNB Token Derivatives Volume Despite Investor Outflows
Binance’s BNB Token Witnesses Significant Increase in Derivatives Volume
Binance’s BNB token derivatives volume experienced an impressive surge of 123% within a 24-hour period, reaching $671.93 million, as revealed by data from CoinGlass on Tuesday. This substantial increase in volume was accompanied by an 8.46% rise in Open Interest (OI), indicating a growing level of market participation.
Spot Market Volume Reflects Upward Trend Despite Investor Outflows
Despite a 2023 DeFi investor outflow from the BNB Chain and a $630,000 liquidation from traders’ positions, the spot market volume also followed the upward trend, showcasing a notable 70% daily increase to $509 million. This suggests that speculators are comfortable with the current lateralization trend, displaying confidence in the market.
BNB Token Exhibits Low Short-term Volatility and Neutral Price Behavior
However, the BNB token exhibits low short-term volatility and neutral price behavior, resulting in a minor loss of 0.34%. Additionally, it maintains a balanced long-short ratio of 0.99 points, leaving future trends uncertain and open to interpretation.
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