儘管未平倉合約有所回落，幣安幣（BNB）衍生性商品市場凸顯市場定位的轉變

幣安幣 (BNB) 的衍生品格局凸顯了市場定位的重大轉變，期貨未平倉合約從 12 月的 10 億美元里程碑回落。

Binance Coin (BNB) has seen significant shifts in market positioning, with Futures open interest (OI) retreating from December’s $1 billion milestone.

幣安幣 (BNB) 的市場定位發生了重大轉變，期貨未平倉合約 (OI) 從 12 月的 10 億美元里程碑回落。

The derivatives landscape highlighted changing institutional participation and market structure.

衍生品格局凸顯了機構參與和市場結構的改變。

At press time, BNB’s Futures OI showed a marked decline after hitting peak levels.

截至發稿，BNB期貨持倉量在觸及高峰後出現明顯下滑。

This was accompanied by a decrease in the total value locked in Futures contracts, signaling a shift in market positioning.

同時，期貨合約鎖定的總價值下降，標誌著市場定位的轉變。

While December saw a clear dominance of long liquidations, hitting $9.79 million at their peak, recent weeks have seen a more balanced pattern of liquidations between longs and shorts.

雖然 12 月多頭清算明顯占主導地位，最高達到 979 萬美元，但最近幾週多頭和空頭之間的清算模式更加平衡。

This indicated a neutral market position, as opposed to the earlier bias towards longs.

這表明市場處於中性立場，而不是之前偏向多頭。

Source: Glassnode

來源：Glassnode

Interestingly, BNB’s trading volumes remained high despite the OI pullback.

有趣的是，儘管 OI 回調，BNB 的交易量仍然很高。

This sustained activity, coupled with the normalization of the ratio between long and short liquidations, pointed to a reduction in leverage within the system – A potentially healthy development for BNB’s market structure.

這種持續的活動，加上多頭和空頭清算比率的正常化，表明系統內的槓桿率有所下降——這對 BNB 的市場結構來說是一個潛在的健康發展。

Fresh institutional participation and a shift towards spot-driven price discovery were evident in BNB’s market.

BNB 市場明顯出現了新的機構參與和向現貨驅動的價格發現的轉變。

This stood in contrast to the earlier period of heavy institutional buying in the Futures market.

這與早期機構在期貨市場的大量買盤形成鮮明對比。

BNB’s price action remained largely steady, despite the cooling derivatives market.

儘管衍生性商品市場降溫，但 BNB 的價格走勢基本上保持穩定。

Trading at $694.1 at press time, the token seemed to maintain its position above critical moving averages.

截至發稿時，該代幣的交易價格為 694.1 美元，似乎維持在關鍵移動平均線之上。

The 50-day MA crossed above the 200-day MA at 597.2, forming a golden cross pattern on the charts.

50 日均線在 597.2 點突破 200 日均線，在圖表上形成金叉形態。

This indicated a bullish trend, with the 50-day MA providing support and the 200-day MA acting as a resistance level.

這顯示看漲趨勢，50 日均線提供支撐，200 日均線作為阻力位。

Source: TradingView

來源：TradingView

Moreover, the Cumulative Volume Delta (CVD) indicator revealed steady institutional accumulation.

此外，累積交易量德爾塔（CVD）指標顯示機構累積穩定。

While December saw more aggressive buying, the CVD still indicated sustained institutional interest, albeit more measured.

儘管 12 月的買盤更加激進，但 CVD 仍然顯示出持續的機構興趣，儘管更加謹慎。

This could be interpreted as a sign of smart money showing continued interest, though with a more cautious positioning.

這可以解釋為聰明資金表現出持續興趣的跡象，但立場更加謹慎。

Fib levels highlighted key support, strength despite OI decline

Fib 水平突顯了關鍵支撐位，儘管 OI 下降，但仍保持強勢

Fibonacci extension levels highlighted key areas of interest, with the 0.786 retracements around $624.8 serving as strong support.

斐波那契擴展水準突出了關鍵的興趣區域，其中 624.8 美元附近的 0.786 回檔位提供了強有力的支撐。

The altcoin’s latest price action formed a series of higher lows, indicating underlying strength despite the OI decline.

該山寨幣的最新價格走勢形成了一系列更高的低點，表明儘管 OI 下降，但其潛在實力仍然強勁。

BNB’s market structure remained constructive above the $680 support zone.

BNB 的市場結構在 680 美元支撐區域上方保持建設性。

The fall in open interest, combined with stable price action, suggested a potential shift from leveraged speculation to spot-driven price discovery – Typically a healthier market dynamic.

未平倉合約的下降，加上穩定的價格走勢，表明槓桿投機可能會轉向現貨驅動的價格發現——通常是更健康的市場動態。