Binance硬幣（BNB）下降到600美元以下，但鏈度指標指向積累

自2024年12月4日，Binance Coin（BNB）的歷史最高點以來，其歷史最高點數已經大幅下降。

Binance Coin (BNB) has seen a significant correction since hitting a new all-time high of $788 on December 4, 2024. The coin is now down about 20% from its peak, a performance that’s not entirely dissimilar to Bitcoin’s (BTC) drop of around 22% from its all-time high of $108.7k.

自2024年12月4日的新歷史高點以788美元的速度達到了新的$ 788以來，Binance Coin（BNB）已經進行了重大糾正。現在的硬幣比其峰值下降了約20％，這一表現與比特幣（BTC）並不完全不同的22％降低了約22％的速度，而這一表現從108.7k美元的歷史高處降低了約22％。

However, despite this decrease in price, several on-chain metrics suggest that Binance Coin might be entering a phase where it’s poised for a rebound. For investors who believe the broader market cycle isn’t over yet, this could be a good opportunity to buy.

然而，儘管價格下降，但幾個鏈上的指標表明，二氧化硬幣可能正在進入一個有望籃板的階段。對於那些認為更廣泛的市場週期尚未結束的投資者來說，這可能是一個不錯的選擇。

Key On-Chain Metrics Point to Accumulation

關鍵的鏈上指標指向積累

One of the most telling on-chain signals is the percentage of Binance Coin holders in profit. According to Glassnode’s data, around 85.8% of addresses are currently in profit, based on the 7-day moving average. This figure has consistently stayed above 75% since February 2024, highlighting that most of the holders are still in positive territory.

最有說服力的鍊鍊信號之一是盈利者的利潤持有人的百分比。根據GlassNode的數據，根據7天的移動平均線，目前約有85.8％的地址為盈利。自2024年2月以來，這個數字一直保持在75％以上，這強調了大多數持有人仍處於積極的領域。

This signals that while the coin is in correction territory, there hasn’t been a panicked sell-off, and long-term holders are maintaining their positions.

這表明，儘管硬幣處於矯正領域，但沒有驚慌失措的拋售，長期持有人正在維持自己的立場。

Another crucial on-chain indicator is the MVRV (Market Value to Realized Value) ratio for BNB, which has been stable, hovering around the 1.2 level since October 2024. This stability indicates that the market value of BNB is still relatively high compared to the realized value, a sign that new buyers are entering the market. If the MVRV ratio were falling, it would signify that holders are selling at a loss, but the persistence of this ratio suggests demand is still present, and there are fewer signs of panic selling.

另一個至關重要的鍊鍊指標是BNB的MVRV（市場價值與已實現的價值）比率穩定，自2024年10月以來一直徘徊在1.2級。這種穩定性表明BNB的市場價值仍然相對較高，與已實現的價值相比，新買家正在進入市場。如果MVRV比率下降，則表示持有者正在虧本出售，但是該比率的持久性表明需求仍然存在，並且恐慌出售的跡象更少。

Consolidation, Not Panic Selling

合併，而不是恐慌出售

In addition to the MVRV ratio, another important on-chain metric is the Coin Days Destroyed (CDD), which tracks the movement of older coins. The most significant spike in CDD occurred in early March, signaling some distribution. However, this spike was relatively mild compared to the more chaotic distribution events observed in May and June 2024. This suggests that the recent movement of older coins is not indicative of a panic sell-off, but rather a controlled distribution phase.

除了MVRV比率外，另一個重要的鍊鍊度量是被破壞的硬幣日（CDD），它跟踪了舊硬幣的運動。 CDD中最重要的尖峰發生在3月初，標誌著一些分佈。但是，與2024年5月和6月觀察到的更混亂的分佈事件相比，這種尖峰相對溫和。這表明較舊硬幣的最近移動並不表示恐慌拋售，而是一個受控的分佈階段。

Furthermore, the Long-Term Net Unrealized Profit-Loss (LTH NUPL) metric indicates a state of “fear,” as long-term holders are seeing their unrealized losses rise. The last time this was seen was in February 2021, when BNB was in a similar position. This could signal that the token is nearing a local bottom, which often precedes a rebound in price.

此外，長期未實現的淨利潤損失（LTH NUPL）指標表明“恐懼”狀態，因為長期持有人看到他們未實現的損失增加。上一次看到的是在2021年2月，當時BNB處於類似位置。這可能表明令牌即將接近本地底部，這通常是在價格反彈之前。

Is This the Right Time to Buy BNB?

這是購買BNB的合適時機嗎？

Despite the correction, BNB’s on-chain data continues to show positive signs of demand and accumulation. For investors who believe that the broader cryptocurrency market is still in a growth phase and that the market structure remains bullish, BNB’s current price might be attractive.

儘管進行了糾正，但BNB的鍊鍊數據仍在顯示需求和積累的積極跡象。對於那些認為更廣泛的加密貨幣市場仍處於增長階段並且市場結構仍然看漲的投資者來說，BNB的當前價格可能很有吸引力。

With long-term holders not rushing to take profits and new buyers entering the scene, BNB’s fundamentals appear to be strong. The current market conditions point to consolidation rather than a prolonged downtrend. As long as BNB holds above key support levels and shows signs of buyers returning, there’s potential for the coin to experience a bounce. The market’s overall structure remains intact, and if BNB can regain upward momentum, it may yet see another rally, similar to previous bullish phases.

由於長期持有人不急於獲得利潤，而新的買家進入現場，BNB的基本面似乎很強大。當前的市場條件指向鞏固，而不是長時間的下降趨勢。只要BNB持有高於關鍵的支持水平並顯示出買家返回的跡象，硬幣就有可能會反彈。市場的整體結構仍然完好無損，如果BNB可以恢復向上的動力，它可能會看到另一個集會，類似於以前的看漲階段。