In a period of uncertainty in the cryptocurrency market, Binance Coin (BNB) futures have seen a surge in open interest.
According to sources, the total open interest has reached a five-month high of 1.57 million BNB ($360 million) as of June 12th, marking an increase of over 8% in the past few weeks.
The significance of open interest
Open interest, which indicates capital flowing in and out of the market, has been a crucial metric for traders and investors alike. While it may not be directly linked to price movements, it is a reliable gauge of market sentiment and could provide insights into potential future trends.
Investor interest despite regulatory concerns
Despite the regulatory woes weighing on the altcoin’s price, the soaring futures open interest in BNB has raised eyebrows within the industry. This data suggests that investors are increasingly interested in BNB futures, and there is significant capital flowing into the derivatives market.
BNB’s current market position
- BNB is currently the 5th cryptocurrency on CoinMarketCap.
- The price of BNB is $243.83, showing a 2.00% increase in the last 24 hours.
- BNB has a market cap of $38,001,012,977 and a 24-hour trading volume of $667,011,054.
- The circulating supply of BNB coins is 155,848,576.
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