signified that the coin had been attracting increased attention. However, renewed interest in BNB did not just stop at the mere exchange among wallets.Instead, the derivatives market also highlighted how the growing interest in the coin wasn’t only limited to spot trades. For one, BNB’s Open Interest on exchanges has been increasing since 7 July.
The Open Interest measures the total number of contracts held by participants at the end of a trading day. Therefore, it determines market sentiment and strength behind prices. A fall in this indicator suggests liquidation in the market, with many participants exiting their positions. But on BNB’s side, the Open Interest increase means that traders were not discouraged by the coin’s price action. As a result, BNB experienced an impressive wave of money flow into the futures and options market.the same trend as the Open Interest and volume. As of 6 July, the metric was up to 120.47 million.
The increase in active addresses means that more participants have been involved in successful transactions. Hence, BNB could boast of a good level of usage on its underlying network.However, increased participation and interest in BNB did not exactly impact liquidation. At press time, Coinglass revealed that BNB’sAnd from the chart below, shorts accounted for most of it.