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BNB breaks $700, yet bulls are still hesitant – Here’s why!
In a shocking turn of events, Binance Coin (BNB) has finally broken above the psychologically important $700 mark. However, despite this breakthrough, it appears that the bulls are not ready to join the party just yet.
This hesitation is particularly noteworthy given the explosive rally we’ve seen in other top alts recently. In fact, nearly all of them have been making double-digit gains, with some even touching new highs. And yet, BNB seems content to lag behind its peers, refusing to budge at the $700 mark.
But why are the bulls holding back? Is it a sign that BNB is about to fall out of favor, or is capital simply rotating into higher-beta plays?
The answer, quite frankly, is unclear. What we do know is that DEX flows and solid token economics have been underpinning BNB’s recent move. Additionally, institutional interest has been drawn in, with Windtree Therapeutics (NASDAQ: WINT) set to raise $200 million to build a BNB treasury.
While these developments are certainly positive, they may not be enough to sway the bulls at this point. That’s because data suggests that large holders (> 10k BNB) have been lightening up into strength, hinting that some are taking profits as the coin approaches new highs.
Meanwhile, whale cohorts across other top majors are piling in and pushing address counts back to early-Q1 levels. This is particularly noteworthy given the stark contrast with BNB’s stagnant wallet activity, which has hit a near three-month low.
All things considered, it appears that BNB may be at risk of getting sidelined at resistance while higher-beta alts take center stage in the next leg up.
Source: ambcrypto.com
