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BNB Breaks $700, Yet Bulls Are Still Hesitant – Here’s Why!
BNB has finally breached the crucial $700 mark, but surprisingly, bulls seem to be hesitant in their enthusiasm. This sudden lack of interest from investors is quite puzzling, especially considering the asset’s recent performance.
It appears that BNB is struggling to keep up with other top alts, which have been experiencing significant gains. While this sluggish pace could indicate a slow bleed in market positioning, it may also suggest capital is simply rotating into higher-beta plays.
A crucial factor that might be contributing to this hesitation is the asset’s on-chain momentum. Strong DEX flows and solid token economics are undoubtedly backing BNB’s recent move. However, institutional interest has also been rising, with Windtree Therapeutics announcing a plan to raise $200 million in funding, which will involve building a BNB treasury. This could potentially mark BNB’s first entry into the Wall Street exposure.
Nonetheless, some large holders appear to be lightening up their positions as prices rise, resulting in a near three-month low for wallets holding over 10,000 BNB. In contrast, whale cohorts across other top majors are pushing new highs, with even Solana experiencing an increase in large wallet activity alongside its 20% price surge.
The stark difference between these two metrics highlights the divergence between BNB and the rest of the market. If this trend persists, it may result in BNB being left behind at resistance as higher-beta alts take the lead in the next leg up.
Source: ambcrypto.com
