Crypto exchange Binance has been the subject of intense regulatory scrutiny over the last few months and BNB has suffered as a result. Even now, as it seems the crypto exchange is beginning to find its footing once more amid regulatory wolves circling, its native token is still under immense selling pressure. This is evidenced by the BNB open interest, which has now skyrocketed to new all-time highs.
BNB Open Interest Reaches New All-Time High
In an interesting turn of events, BNB shorts are ramping up even at a time when the crypto market seems to be on a recovery trend. According to a Twitter post by analyst Dylan LeClair, this has caused the open interest in the digital asset to rise exponentially.
The chart shared by LeClair shows that BNB’s open interest is now sitting at $400 million. This is over four times higher than the previous all-time high for the digital asset which was $50 million back in 2020. And unlike then, the surge in open interest right now is more bearish than it is bullish.
Hmmm, some interesting flow in $BNB futures:
– Perpetual futures open interest is seeing new highs as funding rates have gone deeply negative (-200% APR for next funding period) (Chart #1) – looks as if someone is getting ahead of some bad news flow.
– The last time BNB… pic.twitter.com/1B27OkjvPx
— Dylan LeClair