BNB Faces Reduced Desire for Purchase and Increased Selling: What Comes Next?
In a surprising turn of events, the Binance Coin (BNB) asset is facing a lack of interest, as demonstrated by the decline in on-chain activity. Despite some positive indicators earlier in June 2025, several factors are contributing to the weakening on-chain sentiment for BNB.
Firstly, significant selling pressure has been observed in both the spot and derivative markets. BNB's price, which had shown signs of rally earlier in the month, faced resistance around $660-$664 and started consolidating in a narrow range with declining strength. This selling pressure is evident in the trading volumes, which peaked during price rallies and rejections, suggesting that some investors may be taking profits or exiting positions.
Secondly, while BNB Chain transaction counts and active addresses saw a substantial increase in June, these surges are partly driven by specific events such as the Maxwell hard fork and incentivized campaigns. After these peaks, on-chain metrics may have flattened or faced volatility, causing uncertainty about the sustainability of growth.
Thirdly, option open interest and derivative market dynamics also play a role. Although up-to-date data on option open interest for BNB is not readily available, typical weakening on-chain sentiment linked to options markets involves declines or shifts in open interest, indicating reduced bullish positioning or increased hedging/selling. This, combined with observed selling pressure in spot markets, suggests bearish or cautious sentiment among derivatives traders.
Lastly, external macro factors such as global trade uncertainties, tariff impacts, and broader crypto market swings have contributed to short-term price volatility and risk-off behavior among investors, affecting BNB sentiment despite underlying ecosystem growth.
In the past day, the number of new addresses has dropped significantly, with a 25% decline, and the number of daily transactions on-chain has seen a steep decline, reaching its lowest level this month. This negative trend, if it continues across markets, is likely to trigger a further price downturn for BNB. The sell-off has pushed cumulative weekly sales to $36 million, representing a significant outflow of BNB into other ecosystems.
The most active addresses have likely begun selling, as they saw a significant spike in activity over the past day. Option traders have led the sell-off in the derivative market, with option open interest falling by 71.36% in the past day, implying widespread contract closures and long liquidations. The OI-Weighted Funding Rate, which gives better insight into overall derivative sentiment, has fallen into negative territory (-0.0023%), suggesting that most open contracts are from sellers betting on a price drop.
The derivative markets on CoinGlass have turned bearish on BNB, with investors anticipating further price declines. Selling volume has increased in the spot market, with traders offloading $2.18 million worth of BNB in exchange for other assets.
This mixed picture indicates that some market participants are skeptical about the short-term sustainability of BNB's recent rallies, despite promising on-chain activity and development upgrades. It remains to be seen how these trends will evolve in the coming days.
- Some investors are shifting away from Ethereum (ETH) and considering other cryptocurrencies for investing, as the weakened on-chain sentiment for Binance Coin (BNB) has led them to seek alternatives.
- In the crypto finance world, the selling pressure on Ethereum (ETH) and other digital assets like BNB has increased, with many investors exchanging their holdings for other assets due to the bearish sentiments in the market.
- The decline in on-chain activity for Binance Coin (BNB) has raised questions about its investing potential, as the exchange market now seems more interested in trading Ethereum (ETH) and other crypto assets that are showing more promising trends.
