token has experienced a 24.5% decline over the past 90 days, despite a 7% gain between July 10 and July 11. BNB has performed worse than the overall altcoin market, indicating that the underlying cause for the bearish momentum persists.
Price is undoubtedly the most important metric for understanding traders' sentiment, but it does not encompass all possibilities. For instance, between August 2022 and September 2022, BNB outperformed the altcoin market by 19%.Regardless of the rationale behind BNB’s rally in 2022, one might conclude that the recent 90-day negative 24.5% performance represent a reversion to the mean, as investors no longer believe the premium is justified.
The previous peak in open interest, at $490 million, occurred on November 5, 2022. Interestingly, on that very day, the price of BNB reached a six-month high, followed by a significant correction of 28% in the subsequent five days.However, open interest does not necessarily indicate bullish or bearish sentiment among professional investors. The futures annualized premium measures the difference between longer-term futures contracts and the current spot market levels.
These vesting periods could be a result of formal contracts with current or former employees and partners, or restrictions imposed by smart contracts. The agreements typically are on staked tokens or used as guarantees for launchpads and similar projects. Therefore, attempting to attribute this strategy to a single entity is rarely productive.
Source: Digital Coin News (digitalcoinnews.net)
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