Binance Coin (BNB), the native token of the Binance ecosystem, is currently navigating a period of declining demand and increased sell-offs, raising questions about its short-term outlook. Recent on-chain and market data point to a cooling sentiment among both retail and institutional participants, with several key indicators suggesting that BNB could face further downward pressure in the coming weeks.
On-Chain Activity Slows Down
BNB’s on-chain activity has seen a notable drop, with daily transactions on the BNB Chain falling to their lowest levels this month. According to BSCScan, daily transactions declined by 12,02%, signaling reduced engagement and utility across the network. This slowdown is further reflected in the number of new addresses, which has plummeted by 25% in the last 24 hours—a clear sign that fewer new participants are entering the ecosystem.
Interestingly, while overall activity is down, the most active addresses (those completing over 100 transactions) have spiked, suggesting that experienced traders are actively repositioning—likely selling into the current weakness. This aligns with a drop in trading volume, which has fallen by 8% to $1,29 billion, indicating that even the most engaged users are reducing their exposure.
Derivatives Market Turns Bearish
The sentiment in the derivatives market has also shifted. Data from CoinGlass shows that open interest in BNB options has dropped sharply by 71,36% to $3,09 million, reflecting widespread contract closures and a wave of long liquidations. The OI-Weighted Funding Rate has slipped into negative territory at -0,0023%, confirming that the majority of open contracts are now held by traders betting on further price declines.
Spot Market Sees Accelerated Outflows
Spot market data mirrors these trends. Over the past week, cumulative BNB sales have reached $36 million, with $2,18 million sold in the last 24 hours alone. This outflow suggests that investors are rotating out of BNB, possibly in favor of stablecoins or other digital assets with stronger near-term prospects.
Price Outlook: What’s Next for BNB?
Despite the current bearish momentum, price forecasts for BNB remain cautiously optimistic if broader market conditions stabilize. Analysts expect BNB to trade within the $620–$700 range for June and July 2025, with potential upside toward $715–$740 if positive catalysts—such as ecosystem upgrades or favorable regulatory news—emerge. However, if negative sentiment persists, BNB could revisit support levels near $600–$615, where long-term holders have historically stepped in to defend the price .
Key Takeaways for Investors
• On-chain activity and new user growth are both declining, signaling waning interest.
• Derivatives data shows a clear shift toward bearish positioning.
• Spot market outflows have accelerated, with $36 million in weekly sales.
• Price forecasts suggest a trading range of $620–$700, with downside risk if sentiment does not improve.
For those tracking BNB, it’s crucial to monitor on-chain metrics, derivatives positioning, and broader market sentiment. While the current environment is challenging, any positive developments in the Binance ecosystem or the wider crypto market could quickly shift the narrative.
