市場波動中的BNB表現：上漲、擔憂與未來前景

截至 3 月 29 日的一周，BNB 價格飆升 12%，達到 620 美元，縮小了與以太坊 5% 漲幅的估值差距。儘管出現這種增長，但混合的鏈上訊號表明漲勢可能過度延伸。現貨比特幣 ETF 出現流入，但近期流出放緩。 BNB 3 月上半月的強勁表現已經放緩，市值從 964 億美元的峰值下降。隨著更廣泛的加密市場的發展，BNB 鏈的鎖定總價值（TVL）也大幅下降。

BNB's Market Performance and Future Prospects Amidst Fluctuating Market Dynamics

市場波動中BNB的市場表現及未來展望

Market Overview

市場概況

In the period leading up to March 29, Binance Coin (BNB) experienced a notable upswing, reaching a high of $620 and posting a 12% increase. This surge brought BNB within striking distance of its rival, Ether (ETH), which had simultaneously witnessed a more modest 5% gain.

截至 3 月 29 日，幣安幣 (BNB) 經歷了顯著上漲，達到 620 美元的高點，漲幅達 12%。這次飆升使 BNB 與其競爭對手以太坊 (ETH) 拉近了距離，後者同時上漲了 5% 的溫和漲幅。

However, the BNB Chain's on-chain metrics paint a more complex picture, hinting at potential overextension in the recent rally.

然而，BNB 鏈的鏈上指標描繪了一幅更為複雜的圖景，暗示近期反彈可能出現過度擴張。

Inflows and Outflows

流入和流出

The recent surge in BNB's value was attributed to inflows into spot Bitcoin (BTC) exchange-traded funds (ETFs). However, the week ending March 23 saw a reversal, with a net outflow of $890 million recorded, marking the first net outflow since the ETFs' inception in January.

最近 BNB 價值的飆升歸因於現貨比特幣 (BTC) 交易所交易基金 (ETF) 的流入。然而，截至 3 月 23 日的一周，情況出現逆轉，錄得淨流出 8.9 億美元，這是 ETF 自 1 月成立以來的首次淨流出。

Nevertheless, a silver lining emerged with a significant decline in outflows from the Grayscale GBTC fund, which shed only $104 million on March 28.

儘管如此，一線希望還是出現了，灰階 GBTC 基金的資金流出大幅下降，該基金 3 月 28 日僅流出 1.04 億美元。

BNB's Trajectory and Performance

BNB的發展軌跡與表現

BNB's momentum in the first half of March, fueled by a 61.7% surge, culminated in a peak of $645. This zenith propelled BNB's market capitalization to $96.4 billion, albeit still below its all-time high of $116 billion reached in November 2021.

BNB 3 月上半月的勢頭在飆升 61.7% 的推動下，最終達到了 645 美元的峰值。這一頂峰將 BNB 的市值推至 964 億美元，儘管仍低於 2021 年 11 月創下的 1,160 億美元的歷史新高。

Concurrently, the total value locked (TVL) in the BNB Chain underwent a decline, plummeting from a peak of $15.7 billion to $7.1 billion, representing a substantial 55% reduction.

同時，BNB 鏈的鎖定總價值（TVL）出現下降，從高峰 157 億美元暴跌至 71 億美元，大幅減少 55%。

Crypto Market Contractions and BNB's Resilience

加密貨幣市場收縮和 BNB 的彈性

The crypto market, particularly the decentralized finance (DeFi) sector, has undergone significant contractions since late 2021. BNB Chain has not been immune to this downturn, with total market data for blockchains tracked by DefiLlama decreasing by 25%, from approximately $205 billion to $155 billion.

自2021 年底以來，加密貨幣市場，尤其是去中心化金融（DeFi）領域經歷了大幅萎縮。BNB Chain 也未能倖免於這次低迷，DefiLlama 追踪的區塊鏈總市場數據下降了25%，從約2,050 億美元降至約2,050 億美元。1,550 億美元。

Despite these challenges, BNB Chain maintains a formidable presence in the crypto market, rivaling Ethereum's layer-2 networks in terms of activity levels. In the past week, close to 2 million active addresses engaged with DApps on the BNB Chain.

儘管面臨這些挑戰，BNB Chain 在加密貨幣市場中仍保持著強大的影響力，在活動水平方面可與以太坊的第 2 層網路相媲美。過去一周，有近 200 萬個活躍位址與 BNB 鏈上的 DApp 互動。

The blockchain's trading volume also stood out, registering an 11% increase to $12.4 billion, unlike Solana and Ethereum, which both experienced declines.

該區塊鏈的交易量也很突出，成長了 11%，達到 124 億美元，而 Solana 和以太坊的交易量都出現了下降。

Future Prospects

前景

Predicting the future of the cryptocurrency sector remains a complex endeavor. However, derivative metrics, such as the demand for leverage in BNB perpetual futures contracts, provide valuable insights.

預測加密貨幣產業的未來仍然是一項複雜的工作。然而，衍生性商品指標，例如 BNB 永續期貨合約的槓桿需求，提供了有價值的見解。

The relatively steady 8-hour funding rate of around 0.03%, equivalent to approximately 0.6% weekly, suggests cautious optimism in the market despite the challenges encountered around the $620 price level. This cautious optimism is further supported by the sustained interest in leveraged long positions, despite the uncertain market trajectory.

相對穩定的 8 小時融資利率約為 0.03%，相當於每週約 0.6%，表明儘管在 620 美元的價格水平附近遇到了挑戰，但市場仍保持謹慎樂觀。儘管市場軌跡不確定，但對槓桿多頭部位的持續興趣進一步支撐了這種謹慎的樂觀。