尽管未平仓合约有所回落，币安币（BNB）衍生品市场仍凸显市场定位的转变

币安币 (BNB) 的衍生品格局凸显了市场定位的重大转变，期货未平仓合约从 12 月的 10 亿美元里程碑回落。

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

币安币 (BNB) 的市场定位发生了重大转变，期货未平仓合约 (OI) 从 12 月的 10 亿美元里程碑回落。

The derivatives landscape highlighted changing institutional participation and market structure.

衍生品格局凸显了机构参与和市场结构的变化。

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

截至发稿，BNB期货持仓量在触及峰值后出现明显下滑。

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

与此同时，期货合约锁定的总价值下降，标志着市场定位的转变。

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.

虽然 12 月份多头清算明显占主导地位，最高达到 979 万美元，但最近几周多头和空头之间的清算模式更加平衡。

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

这表明市场处于中性立场，而不是之前偏向多头。

Source: Glassnode

来源：Glassnode

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

有趣的是，尽管 OI 回调，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.

这种持续的活动，加上多头和空头清算比率的正常化，表明系统内的杠杆率有所下降——这对 BNB 的市场结构来说是一个潜在的健康发展。

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

BNB 市场明显出现了新的机构参与和向现货驱动的价格发现的转变。

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

这与早期机构在期货市场的大量买盘形成鲜明对比。

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

尽管衍生品市场降温，但 BNB 的价格走势基本保持稳定。

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

截至发稿时，该代币的交易价格为 694.1 美元，似乎维持在关键移动平均线之上。

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

50 日均线在 597.2 点突破 200 日均线，在图表上形成金叉形态。

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

这表明看涨趋势，50 日均线提供支撑，200 日均线作为阻力位。

Source: TradingView

来源：TradingView

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

此外，累积交易量德尔塔（CVD）指标显示机构积累稳定。

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

尽管 12 月份的买盘更加激进，但 CVD 仍然显示出持续的机构兴趣，尽管更加谨慎。

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

这可以解释为聪明资金表现出持续兴趣的迹象，尽管立场更加谨慎。

Fib levels highlighted key support, strength despite OI decline

Fib 水平突显了关键支撑位，尽管 OI 下降，但仍保持强势

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

斐波那契扩展水平突出了关键的兴趣区域，其中 624.8 美元附近的 0.786 回撤位提供了强有力的支撑。

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

该山寨币的最新价格走势形成了一系列更高的低点，表明尽管 OI 下降，但其潜在实力仍然强劲。

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

BNB 的市场结构在 680 美元支撑区域上方保持建设性。

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.

未平仓合约的下降，加上稳定的价格走势，表明杠杆投机可能会转向现货驱动的价格发现——通常是更健康的市场动态。