![Binance Coin [BNB] open interest surges, funding rate declines; still…](https://i.headtopics.com/images/2022/11/27/cryptoamb/binance-coin-bnb-open-interest-surges-funding-rate-binance-coin-bnb-open-interest-surges-funding-rate-1596633647729229827.webp)
BNB’s open interest increased as traders turned to the coin for potential profits The funding rate declined across all exchanges as BNB risked a price reversal from away from the weekly greens registered Binance Coin [BNB] enjoyed some undivided attention from traders as its open interest surged following a 13.90% seven-day price increase. According to Coinalyze, […]
However, the uptick gathered in the last seven days could not drive investors’ profit to significant levels. According to Santiment, the Market Value to Realized Value ratio had decreased to 13.05% at the time of this writing. As of 20 November, the MVRV ratio stood at a high of 269%.meant that investors’ profits were far from hitting double of their holdings. Still, it might be considered an undervalued state since the ratio was not negative.
As for its development activity, the on-chain analytic platform revealed that it was in the same position since 22 November. Thus, there was a minimal need for upgrades on the BNB chain. Regardless, it did not mean that there was decreased commitment to the project, especially as the same metrics increased to 0.02 a few days back.Further assessment of BNB’s on-chain position revealed that the exchange coin whales preferred to not go all in accumulation.
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