Persistent regulatory actions and concerns over derivatives data are the main factors behind BNB’s bearish price action.
The price of BNB has declined by 24.5% over the past 90 days, underperforming the overall altcoin market.
The lawsuit filed by the SEC against Binance and its CEO on June 5 coincides with the decoupling of BNB’s price.
Analyzing derivatives contracts provides insights into the positions of whales and market makers.
Examining open interest in BNB futures markets shows an increase in demand for leverage.
The current negative futures premium suggests bearish sentiment among professional investors.
Short sellers may be using BNB futures contracts to clear out spot order books and trigger price pumps.
The increased appetite for leverage using futures contracts exerts downward pressure on BNB’s price.
The current derivatives data does not support bullish momentum for BNB.
Summary:
– BNB’s bearish price action is likely due to persistent regulatory actions and concerns over derivatives data.
– The lawsuit filed by the SEC against Binance and its CEO coincides with the decline in BNB’s price.
– Analyzing derivatives contracts provides insights into the positions of whales and market makers.
– Open interest in BNB futures markets has increased, indicating a higher demand for leverage.
– The current negative futures premium suggests bearish sentiment among professional investors.
– Short sellers may be using BNB futures contracts to clear out spot order books and trigger price pumps.
– The increased appetite for leverage using futures contracts exerts downward pressure on BNB’s price.
– The current derivatives data does not support bullish momentum for BNB.