- BNB Smart Chain recorded the highest volume in all other channels in the last month, with its Rising TVL.
- The volume of purchase on the derivative market has experienced a corresponding increase among Binance and OKX traders.
In the past 24 hours, Binance Coin (BNB) experienced a minimum increase of 2.14%, continuing its sequence increased compared to last week by 10.24%because it is negotiated at $ 670.98.
The analysis of the market condition has shown that the BNB was probably ready to continue its bullish path, because several feelings of the market remained in favor, in particular its growth in volume on the chain and on the derivative market.
New high despite market stoppters
The BNB smart chain remains the only market channel in the last seven and 30 days to have recorded positive growth in volume, while other channels, including Solana (Sol), Ethereum (ETH), Base and Arbitrum (Arb ) have seen a drop.
At the time of the analysis, Defillama has shown that weekly volume growth reached 66.63%, reaching 31.194 billion dollars and in the last 24 hours, it has climbed to 3.735 billion dollars, the highest of all The chains.
Source: Defillama
The total locked value (TVL), which is used to determine the quantity locked in the protocols of a chain, has experienced regular growth in the case of BSC. Between February 3 and press time, TVL increased from $ 4.895 billion to $ 5.56 billion.
When there is a significant increase like this – an increase of $ 665 million in TVL – this suggests growing confidence in the BNB, because renewed interests tend to lead to a price rally while supply Between the exchanges reduced at the same time.
Buy an increase in volume on exchanges
There has been an increase in the BNB purchase volume through the best exchanges of cryptocurrency, Binance and OKX, among perpetual market merchants.
This was confirmed with the buyer’s sales ratio of takers which increased considerably greater than 1 out of the two exchanges – Binance and OKX – with readings of 1.727 and 2.33, respectively.
When the purchase sales ratio of takers is greater than 1, it suggests that there is more volume of purchase on the market among these perpetual traders than the sales volume.
As a rule, the more it is far from 1, the more volume of purchase there is compared to the sales volume.
Source: Coringlass
The open interest, which records the amount of unstable derivative contracts on the market, also experienced a gradual increase, with growth of 1.78%, bringing the total value of these contracts to $ 866.70 million.
Resilience despite the exchange flow increases
During last week, between February 10 and 16, a massive increase in Netflow exchange was recorded, with a reading of around $ 142 million in Netflow – the highest since May 2021.
When there is a push like this, it indicates that the sellers move their assets in the exchanges in order to sell.
However, despite this large volume of sales on the cash market, BNB jumped 10%, indicating the presence of demand to acquire the assets sold.
Source: Coringlass
If this request continues to go up, BNB could continue to go up during the week.
