BNB 飆升 12%，在市場謹慎的情況下縮小與 ETH 的差距

BNB (BNB) 上漲 12%，觸及 620 美元的兩週高點。此次反彈縮小了與以太坊 (ETH) 的差距，後者上漲了 5%。然而，BNB Chain 數據的混合訊號表明漲勢可能過度。比特幣 ETF 的上漲與資金流入有關，但資金流出導致了比特幣 ETF 的挫敗。 BNB 的價格飆昇在觸及 645 美元後出現逆轉，反映出 BNB 鏈上鎖定的總價值（TVL）下降了 55%。

BNB Surges 12%, Narrowing Gap with ETH, but Market Signals Indicate Caution

BNB 飆升 12%，與 ETH 差距縮小，但市場訊號顯示謹慎

Cryptocurrency Binance Coin (BNB) has witnessed a significant surge in value over the past week, reaching a nearly two-week high of $620. This surge has narrowed the valuation gap with its primary competitor, Ethereum (ETH), which has experienced a more modest 5% gain during the same period.

加密貨幣幣安幣 (BNB) 的價值在過去一周大幅飆升，達到近兩週高點 620 美元。這一飆升縮小了與其主要競爭對手以太坊 (ETH) 的估值差距，以太坊在同一時期經歷了 5% 的溫和漲幅。

Factors Driving BNB's Price Rise

推動BNB價格上漲的因素

Market analysts attribute the recent upswing in the crypto market, and consequently BNB's price, to inflows into spot Bitcoin exchange-traded funds (ETFs). However, these inflows have recently faced a setback, with spot ETFs recording a net outflow of $890 million in the week ending March 23.

市場分析師將近期加密貨幣市場的上漲以及 BNB 價格的上漲歸因於現貨比特幣交易所交易基金 (ETF) 的流入。然而，這些資金流入最近遭遇挫折，截至 3 月 23 日當週，現貨 ETF 淨流出 8.9 億美元。

Despite this setback, positive signals from other areas have contributed to BNB's price increase. Recent figures show a notable reduction in outflows from the Grayscale GBTC fund, with only $104 million leaving the fund on March 28.

儘管遭遇挫折，其他領域的正面訊號還是推動了 BNB 的價格上漲。最新數據顯示，Grayscale GBTC 基金的資金流出顯著減少，截至 3 月 28 日，該基金僅流出 1.04 億美元。

BNB's Historical Performance and Market Dynamics

BNB的歷史表現與市場動態

In the first half of March 2024, BNB's price surged by an impressive 61.7%, reaching a peak of $645 and a market capitalization of $96.4 billion. However, this momentum has since reversed, and BNB's price has retraced. Notably, BNB hit an all-time high valuation of $116 billion in November 2021.

2024 年 3 月上半月，BNB 價格飆漲 61.7%，最高達到 645 美元，市值達 964 億美元。然而，這種勢頭此後發生了逆轉，BNB 的價格出現了回落。值得注意的是，BNB 的估值在 2021 年 11 月達到了 1,160 億美元的歷史新高。

An examination of BNB Chain's total value locked (TVL), which represents the total amount of deposits in the network's smart contracts, reveals that it has dropped from $15.7 billion at its peak to only $7.1 billion, indicating a 55% decline.

對 BNB Chain 的總鎖定價值（TVL）（代表網路智慧合約中的存款總額）的檢查顯示，其已從峰值的 157 億美元降至僅 71 億美元，下降了 55%。

Short-Term Trading Opportunities and Volatility

短期交易機會和波動性

The recent volatility in BNB's price has presented short-term investors and day traders with opportunities to profit from the market swings. Trading tools like Finance Phantom have become popular among traders seeking to maximize their gains and minimize their losses.

近期BNB價格的波動為短期投資者和日內交易者提供了從市場波動中獲利的機會。像 Finance Phantom 這樣的交易工具已經在尋求最大化收益和最小化損失的交易者中流行起來。

BNB Chain's Performance Compared to Competitors

BNB 鏈與競爭對手的效能比較

While the crypto market as a whole, including decentralized finance (DeFi), has experienced a significant contraction since late 2021, it is important to note that BNB Chain's TVL drop is not unique. The total market cap of all blockchains tracked by DeFiLlama has fallen from almost $205 billion to $155 billion, representing a 25% decline.

儘管自 2021 年底以來，包括去中心化金融 (DeFi) 在內的整個加密貨幣市場經歷了大幅收縮，但值得注意的是，BNB Chain 的 TVL 下降並不是獨一無二的。 DeFiLlama 追蹤的所有區塊鏈總市值已從近 2,050 億美元降至 1,550 億美元，跌幅達 25%。

A closer examination of BNB Chain's TVL compared to its direct competitors, such as Solana and Ethereum, reveals that BNB Chain's smart contract deposits have declined to their lowest point since March 2021. This represents a 10% drop over two months, while Ethereum's TVL in ETH terms has increased by 8% and Solana's TVL has surged by 29% since January 28, according to data from DeFiLlama.

與Solana 和以太坊等直接競爭對手相比，仔細檢查BNB Chain 的TVL 會發現，BNB Chain 的智能合約存款已降至2021 年3 月以來的最低點。這意味著兩個月內下降了10% ，而以太坊的TVL根據 DeFiLlama 的數據，自 1 月 28 日以來，ETH 條款已增加 8%，Solana 的 TVL 已飆升 29%。

BNB Chain's Strong Activity Levels

BNB Chain 活躍度高

Despite the decline in TVL, BNB Chain's overall activity levels remain promising. The network has seen a significant number of active addresses engaging with dApps (decentralized applications) such as decentralized exchanges, games, NFT marketplaces, collectibles, and social networks. In the past week, almost 2 million active addresses interacted with dApps on BNB Chain.

儘管TVL下降，BNB Chain的整體活動水準仍然充滿希望。該網路已經出現了大量與 dApp（去中心化應用程式）相關的活躍位址，例如去中心化交易所、遊戲、NFT 市場、收藏品和社交網路。過去一周，近 200 萬個活躍位址與 BNB 鏈上的 dApp 進行了互動。

BNB Chain's activity levels are comparable to those of Ethereum's most active layer-2 networks. While Solana has recorded a slightly higher number of active addresses (14% more) during the same period, no other blockchain comes close to matching BNB Chain's seven-day trading volume of $12.4 billion. Moreover, BNB Chain's trading volume has increased by 11%, while Solana and Ethereum have both experienced declines in their trading volumes.

BNB Chain 的活躍程度可與以太坊最活躍的第 2 層網路相媲美。儘管 Solana 同期的活躍地址數量略高（增加 14%），但沒有其他區塊鏈能夠與 BNB Chain 124 億美元的 7 天交易量相媲美。此外，BNB Chain的交易量增加了11%，而Solana和以太坊的交易量都出現下降。

Derivative Metrics and Market Sentiment

衍生性商品指標和市場情緒

Projecting future price trends in the crypto industry is a challenging task. One reliable approach involves examining derivative metrics, such as the demand for leverage in BNB perpetual futures contracts. The funding rate, which reflects the cost of borrowing to open a leveraged position, serves as an indicator of market sentiment.

預測加密貨幣產業未來的價格趨勢是一項具有挑戰性的任務。一個可靠的方法是檢查衍生性商品指標，例如 BNB 永續期貨合約的槓桿需求。融資利率反映了開立槓桿部位的借款成本，是市場情緒的指標。

Current data suggests that demand for leveraged long positions has cooled off, with the 8-hour funding rate holding steady at nearly 0.03%, or about 0.6% weekly. In bullish market conditions, the funding rate typically climbs above 1.2% weekly. This indicates that while BNB's price is struggling to break above the $620 resistance level, market sentiment remains cautiously optimistic.

目前數據顯示，槓桿多頭部位需求已降溫，8小時資金費率穩定在近0.03%，週週約0.6%。在看漲的市場條件下，融資利率通常每週攀升至 1.2% 以上。這表明，儘管 BNB 的價格難以突破 620 美元的阻力位，但市場情緒仍保持謹慎樂觀。

Conclusion

結論

BNB's recent surge has been attributed to multiple factors, including inflows into spot Bitcoin ETFs and a rally in the DeFi sector. However, mixed signals from on-chain metrics suggest that the rally may have extended too far. While BNB Chain's activity levels remain strong, its TVL decline compared to competitors warrants further investigation. Derivative metrics indicate that market demand for leveraged long positions has cooled off, suggesting a cautious sentiment among traders despite BNB's price strength. As the crypto market continues to evolve, it is essential to monitor key indicators and conduct thorough research before making any investment decisions.

BNB 最近的飆升歸因於多種因素，包括流入現貨比特幣 ETF 和 DeFi 領域的反彈。然而，來自鏈上指標的混合訊號表明，漲勢可能已經持續太久了。雖然 BNB Chain 的活動水平仍然強勁，但與競爭對手相比，其 TVL 下降值得進一步調查。衍生性商品指標表明，市場對槓桿多頭部位的需求已經降溫，這表明儘管 BNB 價格走強，交易者仍保持謹慎情緒。隨著加密貨幣市場的不斷發展，在做出任何投資決策之前監控關鍵指標並進行徹底的研究至關重要。