© Reuters
Binance’s BNB token derivatives volume has witnessed a significant 123% surge to $671.93 million within the span of 24 hours, according to data from CoinGlass on Tuesday. This increase was accompanied by an 8.46% rise in Open Interest (OI), signaling growing market participation.
Despite a 2023 DeFi investor outflow from the BNB Chain and a $630,000 liquidation from traders’ positions, the spot market volume also mirrored this upward trend with a notable 70% daily increase to $509 million. This indicates speculators’ comfort with the current lateralization trend.
However, the BNB token exhibits low short-term volatility and neutral price behavior, with a minor 0.34% loss. Additionally, it maintains a balanced long-short ratio of 0.99 points, which leaves future trends uncertain.
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This story originally appeared on Investing
