news 
BNB Breaks $700 Yet Bulls Are Still Hesitant – Here’s Why!
The cryptocurrency market has been on a wild ride in recent times, with many coins experiencing significant gains. Unfortunately for Binance Coin (BNB), it seems to be stuck in neutral. Despite breaking the $700 mark, bulls remain hesitant, and we’re here to explore why.
Firstly, let’s examine the larger altcoin market. In the past week alone, nearly $140 billion in fresh capital has flowed into the cryptocurrency space, with many top alts experiencing double-digit gains. Meanwhile, BNB continues to lag behind, with a mere 10% move over the same period. This divergence has led to concerns that Binance Coin is falling out of favor, at least for now.
Another concerning trend is BNB’s relative weakness in terms of on-chain momentum. As flagged by AMBCrypto, strong DEX flows and solid token economics have underpinned the coin’s recent move, but this data is no longer sufficient to drive significant price action. In contrast, other majors have seen a surge in large wallet activity, with Solana (SOL) even reaching early Q1 levels while posting 20% gains alongside.
The most disconcerting sign for BNB bulls, however, lies within the on-chain data itself. Large holders of the coin, those with wallets containing over 10,000 BNB units, have been actively reducing their positions, a clear indication that institutional investors are not buying into the current price action. Meanwhile, similar cohorts across top majors are piling in, further highlighting the growing divergence between BNB and its peers.
It’s worth noting that these large holders’ selling activity may be part of a larger strategy to accumulate coins at lower levels ahead of any potential future rally. It’s too early to tell, but one thing is certain – the trend is clear: bulls are hesitant to jump on board with Binance Coin.
So, where does this leave us? For now, it seems unlikely that BNB will continue its slow-and-steady breakout without a significant change in sentiment from institutional investors.
Source: ambcrypto.com
