According to data from Coinglass, Binance Coin's [BNB] volume in the derivatives market, dropped by 52.97% in the last 24 hours
volume in the derivatives market dropped by 52.97% in the last 24 hours. At press time, the volume was $671.80 million.in volume was a sign that traders did not expect a positive impact from BNB’s price on their position. Hence, most refrained from adding liquidity to their accounts.At press time, BNB’s price was $581.47, representing a 4.50% decrease in the last seven days. However, the coin was not the only one affected by a decline – many altcoins also faced the same fate.
This is because shorts are aggressive but have nothing to show as reward. Therefore, the price of the coin might key into the underlying support and rebound.Values above 1 of the Long/Short ratio suggest positive investors’ expectations. As such, the reading as of this writing, indicated that traders wereHowever, traders in the derivatives arm were not the only ones cautious about BNB. AMBCrypto checked the Weighted Sentiment provided by Santiment.
According to data from the analysis tool, the sentiment had dropped to the negative region. Positive values of the metric suggest that market participants are unfazed by fear or doubt.If the sentiment continues to languish in the red zone, BNB might face a sharp decline. On the other hand, a higher volume could change the mood of investors.Furthermore, the social volume around the coin fell. This indicates that the hype around BNB was not enough to drive a price pump.
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