While government pressure continues on Binance, the largest global cryptocurrency exchange by trading volume, the negative trend continues to be reflected in the price of local token BNB.
The latest graphics shared by the on-chain data tracker Santiment reveal that buyers are not able to show an advantage.
Funding Ratio is Negative
According to the funding rate metric from market tracker Santiment, traders in the futures market are more willing to open a downside trade.
The funding rate, which reached the bottom negative level especially in March, continued to decline throughout April. Today, although this metric is close to zero, the lack of a positive rate still indicates that sellers are more willing.
If the funding rate is positive, it is interpreted that the traders who take an upward position in the futures markets are in the majority, and when it is negative, the traders who take short positions outweigh.
BNB, the native token of leading crypto exchange Binance and BNB Chain, has been holding above the $317 support since April.
BNB, which pushed $700 in the last bull season, is still a long way from its old days. However, if the $360 level is exceeded in the short term, new upward movements may come. In a negative scenario, if Binance Coin drops below the $317 support, the sell-off may continue up to $280.