news 
BNB breaks $700, yet bulls are still hesitant – Here’s why!
After a prolonged period of stagnation, Binance Coin (BNB) has finally broken above the crucial $700 mark. However, despite this milestone achievement, the bullish sentiment surrounding the token remains lukewarm at best.
So, what could be the reason behind the reluctance among bulls to join the party?
Let’s start by examining the larger market context. While other top altcoins are experiencing a surge in fresh capital and posting impressive gains of over 20%, Binance Coin is struggling to keep pace with its peers. In fact, it has been outperformed by most majors, including Ethereum (ETH), Solana (SOL) and others.
One possible explanation for this divergence lies in the token’s on-chain metrics. According to Glassnode data, wallets holding more than 10,000 BNB have hit a near three-month low, indicating that large holders may be lightening up into strength. This could spell trouble for any potential further upside.
On the other hand, some analysts argue that this is not the end of the world for BNB. They point to strong decentralized exchange (DEX) flows and solid token economics as a sign that institutional interest is building around the coin. Notably, Windtree Therapeutics has announced plans to raise $200 million to build a BNB treasury, which could be a significant milestone in Binance Coin’s journey towards mainstream adoption.
Despite this promising news, the data suggests that whale cohorts across top majors are currently on an upswing, with Solana (SOL) seeing a resurgence of large wallet activity and address counts back to early-Q1 levels. This could spell trouble for BNB if it fails to keep pace with these developments.
In conclusion, while BNB’s slow-and-steady breakout may seem like a victory at first glance, the absence of bullish sentiment among its holders raises serious concerns about its future prospects.
Source: ambcrypto.com
