市场波动中的BNB表现：上涨、担忧和未来前景

截至 3 月 29 日的一周，BNB 价格飙升 12%，达到 620 美元，缩小了与以太坊 5% 涨幅的估值差距。尽管出现这种增长，但混合的链上信号表明涨势可能过度延伸。现货比特币 ETF 出现流入，但近期流出放缓。 BNB 3 月上半月的强劲表现已经放缓，市值从 964 亿美元的峰值下降。随着更广泛的加密市场的发展，BNB 链的锁定总价值（TVL）也大幅下降。

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

市场波动中BNB的市场表现及未来展望

Market Overview

市场概况

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，币安币 (BNB) 经历了显着上涨，达到 620 美元的高点，涨幅达 12%。这次飙升使 BNB 与其竞争对手以太坊 (ETH) 拉近了距离，后者同时上涨了 5% 的温和涨幅。

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

然而，BNB 链的链上指标描绘了一幅更为复杂的图景，暗示近期反弹可能出现过度扩张。

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 价值的飙升归因于现货比特币 (BTC) 交易所交易基金 (ETF) 的流入。然而，截至 3 月 23 日的一周，情况出现逆转，录得净流出 8.9 亿美元，这是 ETF 自 1 月份成立以来的首次净流出。

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

尽管如此，一线希望还是出现了，灰度 GBTC 基金的资金流出大幅下降，该基金 3 月 28 日仅流出 1.04 亿美元。

BNB's Trajectory and Performance

BNB的发展轨迹和表现

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 月上半月的势头在飙升 61.7% 的推动下，最终达到了 645 美元的峰值。这一顶峰将 BNB 的市值推至 964 亿美元，尽管仍低于 2021 年 11 月创下的 1160 亿美元的历史新高。

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.

与此同时，BNB 链的锁定总价值（TVL）出现下降，从峰值 157 亿美元暴跌至 71 亿美元，大幅减少 55%。

Crypto Market Contractions and BNB's Resilience

加密货币市场收缩和 BNB 的弹性

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 年底以来，加密货币市场，尤其是去中心化金融（DeFi）领域经历了大幅萎缩。BNB Chain 也未能幸免于这次低迷，DefiLlama 追踪的区块链总市场数据下降了 25%，从约 2050 亿美元降至约 2050 亿美元。 1550 亿美元。

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.

尽管面临这些挑战，BNB Chain 在加密货币市场中仍保持着强大的影响力，在活动水平方面可与以太坊的第 2 层网络相媲美。过去一周，有近 200 万个活跃地址与 BNB 链上的 DApp 进行交互。

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

该区块链的交易量也很突出，增长了 11%，达到 124 亿美元，而 Solana 和以太坊的交易量都出现了下降。

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.

预测加密货币行业的未来仍然是一项复杂的工作。然而，衍生品指标，例如 BNB 永续期货合约的杠杆需求，提供了有价值的见解。

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.

相对稳定的 8 小时融资利率约为 0.03%，相当于每周约 0.6%，表明尽管在 620 美元的价格水平附近遇到了挑战，但市场仍保持谨慎乐观。尽管市场轨迹不确定，但对杠杆多头头寸的持续兴趣进一步支撑了这种谨慎的乐观情绪。