Binance硬币（BNB）下降到600美元以下，但链度指标指向积累

自2024年12月4日，Binance Coin（BNB）的历史最高点以来，其历史最高点数已经大幅下降。

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日达到新历史高点以来，Binance Coin（BNB）已进行了重大纠正。现在，硬币比其峰值下降了约20％，这一表现与比特币（BTC）的22％降低了约22％的速度，而这一表现并不完全不同。

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，尽管价格下降，但几个链上的指标表明，二氧化硬币可能正在进入一个有望篮板的阶段。对于那些认为更广泛的市场周期尚未结束的投资者来说，这可能是一个不错的选择。

Key On-Chain Metrics Point to Accumulation

关键的链上指标指向积累

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.

最有说服力的链链信号之一是盈利者的利润持有人的百分比。根据GlassNode的数据，根据7天的移动平均线，目前约有85.8％的地址为盈利。自2024年2月以来，这个数字一直保持在75％以上，这强调了大多数持有人仍处于积极的领域。

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.

这表明，尽管硬币处于矫正领域，但没有惊慌失措的抛售，长期持有人正在维持自己的立场。

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.

另一个至关重要的链链指标是BNB的MVRV（市场价值与已实现的价值）比率稳定，自2024年10月以来一直徘徊在1.2级。这种稳定性表明BNB的市场价值仍然相对较高，与已实现的价值相比，新买家正在进入市场。如果MVRV比率下降，则表示持有者正在亏本出售，但是该比率的持久性表明需求仍然存在，并且恐慌出售的迹象更少。

Consolidation, Not Panic Selling

合并，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，另一个重要的链链度量是被破坏的硬币日（CDD），它跟踪了旧硬币的运动。 CDD中最重要的尖峰发生在3月初，标志着一些分布。但是，与2024年5月和6月观察到的更混乱的分布事件相比，这种尖峰相对温和。这表明较旧硬币的最近移动并不表示恐慌抛售，而是一个受控的分布阶段。

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，长期未实现的净利润损失（LTH NUPL）指标表明“恐惧”状态，因为长期持有人看到他们未实现的损失增加。上一次看到的是在2021年2月，当时BNB处于类似位置。这可能表明令牌即将接近本地底部，这通常是在价格反弹之前。

Is This the Right Time to Buy BNB?

这是购买BNB的合适时机吗？

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.

尽管进行了纠正，但BNB的链链数据仍在显示需求和积累的积极迹象。对于那些认为更广泛的加密货币市场仍处于增长阶段并且市场结构仍然看涨的投资者来说，BNB的当前价格可能很有吸引力。

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.

由于长期持有人不急于获得利润，而新的买家进入现场，BNB的基本面似乎很强大。当前的市场条件指向巩固，而不是长时间的下降趋势。只要BNB持有高于关键的支持水平并显示出买家返回的迹象，硬币就有可能会反弹。市场的整体结构仍然完好无损，如果BNB可以恢复向上的动力，它可能会看到另一个集会，类似于以前的看涨阶段。