BNB 飙升 12%，在市场谨慎的情况下缩小与 ETH 的差距

BNB (BNB) 上涨 12%，触及 620 美元的两周高点。此次反弹缩小了与以太坊 (ETH) 的差距，后者上涨了 5%。然而，BNB Chain 数据的混合信号表明涨势可能过度。比特币 ETF 的上涨与资金流入有关，但资金流出导致了比特币 ETF 的受挫。 BNB 的价格飙升在触及 645 美元后出现逆转，反映出 BNB 链上锁定的总价值（TVL）下降了 55%。

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

BNB 飙升 12%，与 ETH 差距缩小，但市场信号显示谨慎

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.

加密货币币安币 (BNB) 的价值在过去一周大幅飙升，达到近两周高点 620 美元。这一飙升缩小了与其主要竞争对手以太坊 (ETH) 的估值差距，以太坊在同一时期经历了 5% 的温和涨幅。

Factors Driving BNB's Price Rise

推动BNB价格上涨的因素

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.

市场分析师将近期加密货币市场的上涨以及 BNB 价格的上涨归因于现货比特币交易所交易基金 (ETF) 的流入。然而，这些资金流入最近遭遇挫折，截至 3 月 23 日当周，现货 ETF 净流出 8.9 亿美元。

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.

尽管遭遇挫折，其他领域的积极信号还是推动了 BNB 的价格上涨。最新数据显示，Grayscale GBTC 基金的资金流出显着减少，截至 3 月 28 日，该基金仅流出 1.04 亿美元。

BNB's Historical Performance and Market Dynamics

BNB的历史表现和市场动态

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 价格飙升 61.7%，最高达到 645 美元，市值达到 964 亿美元。然而，这种势头此后发生了逆转，BNB 的价格出现了回落。值得注意的是，BNB 的估值在 2021 年 11 月达到了 1160 亿美元的历史新高。

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.

对 BNB Chain 的总锁定价值（TVL）（代表网络智能合约中的存款总额）的检查显示，其已从峰值的 157 亿美元降至仅 71 亿美元，下降了 55%。

Short-Term Trading Opportunities and Volatility

短期交易机会和波动性

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价格的波动为短期投资者和日内交易者提供了从市场波动中获利的机会。像 Finance Phantom 这样的交易工具已经在寻求最大化收益和最小化损失的交易者中流行起来。

BNB Chain's Performance Compared to Competitors

BNB 链与竞争对手的性能比较

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.

尽管自 2021 年底以来，包括去中心化金融 (DeFi) 在内的整个加密货币市场经历了大幅收缩，但值得注意的是，BNB Chain 的 TVL 下降并不是独一无二的。 DeFiLlama 追踪的所有区块链总市值已从近 2050 亿美元降至 1550 亿美元，跌幅达 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.

与 Solana 和以太坊等直接竞争对手相比，仔细检查 BNB Chain 的 TVL 会发现，BNB Chain 的智能合约存款已降至 2021 年 3 月以来的最低点。这意味着两个月内下降了 10%，而以太坊的 TVL根据 DeFiLlama 的数据，自 1 月 28 日以来，ETH 条款已增加 8%，Solana 的 TVL 已飙升 29%。

BNB Chain's Strong Activity Levels

BNB Chain 活跃度高

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.

尽管TVL下降，BNB Chain的整体活动水平仍然充满希望。该网络已经出现了大量与 dApp（去中心化应用程序）相关的活跃地址，例如去中心化交易所、游戏、NFT 市场、收藏品和社交网络。过去一周，近 200 万个活跃地址与 BNB 链上的 dApp 进行了交互。

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 的活跃程度可与以太坊最活跃的第 2 层网络相媲美。尽管 Solana 同期的活跃地址数量略高（增加 14%），但没有任何其他区块链能够与 BNB Chain 124 亿美元的 7 天交易量相媲美。此外，BNB Chain的交易量增长了11%，而Solana和以太坊的交易量均出现下降。

Derivative Metrics and Market Sentiment

衍生品指标和市场情绪

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.

预测加密货币行业未来的价格趋势是一项具有挑战性的任务。一种可靠的方法是检查衍生品指标，例如 BNB 永续期货合约的杠杆需求。融资利率反映了开立杠杆头寸的借款成本，是市场情绪的指标。

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.

目前数据显示，杠杆多头头寸需求已经降温，8小时资金费率稳定在近0.03%，周周约为0.6%。在看涨的市场条件下，融资利率通常每周攀升至 1.2% 以上。这表明，尽管 BNB 的价格难以突破 620 美元的阻力位，但市场情绪仍保持谨慎乐观。

Conclusion

结论

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 最近的飙升归因于多种因素，包括流入现货比特币 ETF 和 DeFi 领域的反弹。然而，来自链上指标的混合信号表明，涨势可能已经持续得太久了。虽然 BNB Chain 的活动水平仍然强劲，但与竞争对手相比，其 TVL 下降值得进一步调查。衍生品指标表明，市场对杠杆多头头寸的需求已经降温，这表明尽管 BNB 价格走强，交易者仍保持谨慎情绪。随着加密货币市场的不断发展，在做出任何投资决策之前监控关键指标并进行彻底的研究至关重要。