{"id":328750,"date":"2023-07-19T19:00:48","date_gmt":"2023-07-19T13:30:48","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=328750"},"modified":"2023-07-19T13:23:01","modified_gmt":"2023-07-19T07:53:01","slug":"binance-burns-bnb-again-will-broader-sentiment-change","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/binance-burns-bnb-again-will-broader-sentiment-change\/","title":{"rendered":"Binance burns BNB again- Will broader sentiment change?"},"content":{"rendered":"<ul>\n<li><em>Binance burned almost two billion BNB with almost no effect on the price action.<\/em><\/li>\n<li><em>Short positions dominated and selling could increase on exchanges.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">For the 24th consecutive quarter, Binance has engaged in burning its native cryptocurrency <\/span><span style=\"font-weight: 400;\">Binance Coin [BNB]<\/span><span style=\"font-weight: 400;\">. This was communicated in an <\/span><a href=\"https:\/\/www.binance.com\/en\/support\/announcement\/the-24th-quarterly-bnb-burn-completed-via-bnb-auto-burn-11cb4b1ea3d84a209bc90e4132312ff5\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">announcemen<\/span><\/a><span style=\"font-weight: 400;\">t on 19 June. According to the communiqu\u00e9, a total of 1.99 million BNB was burned.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">How much are <\/span><span style=\"font-weight: 400;\">1,10,100 BNBs worth today<\/span><span style=\"font-weight: 400;\">?<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">In December 2021, Binance introduced the BNB Auto-Burn procedure. At that time, the crypto exchange mentioned that the motive behind the activity was to provide improved transparency to the BNB community.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This also includes adjusting the burn amount to reflect the demand and supply demand of the coin. Ever since the first BNB burn, the effect on the coin price has not been exactly eye-catching.\u00a0<\/span><\/p>\n<h4><b>Triggering pessimism<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">But now, BNB&#8217;s troubles were beyond the impact of the burn mechanism. Instead, the FUD around the coin seems to be growing. And this has been fueled by <\/span><a href=\"http:\/\/ambcrypto.com\/binance-lawsuit-layoffs-and-price-corrections-galore-will-bnb-recover\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">allegations<\/span><\/a><span style=\"font-weight: 400;\"> that Binance, its underlying exchange, has not been pellucid in its dealings.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While CEO Changpeng Zhao (CZ) had repeatedly said there was nothing of such, some corners still believed that there was a brewing challenge with the exchange operation. As a result, this has affected the sentiment traders have toward BNB.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">From the derivatives end, Coinglass showed that BNB\u2019s long\/short ratio has fallen below 1. At press time, the indicator was at 0.92.<\/span><\/p>\n<figure id=\"attachment_328757\" aria-describedby=\"caption-attachment-328757\" style=\"width: 1350px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-19-at-07.38.26.png\"><img decoding=\"async\" class=\"size-full wp-image-328757\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-19-at-07.38.26.png\" alt=\"BNB long\/short ratio\" width=\"1350\" height=\"339\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-19-at-07.38.26.png 1350w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-19-at-07.38.26-300x75.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-19-at-07.38.26-1024x257.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-19-at-07.38.26-768x193.png 768w\" sizes=\"(max-width: 1350px) 100vw, 1350px\" \/><\/a><figcaption id=\"caption-attachment-328757\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Typically, the long\/short ratio is considered a barometer of investor sentiment. By looking at the amount of long buying and short selling, the indicator, when above 1, reflects a bullish perception.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Therefore, the drop in BNB\u2019s case suggests that the average trader expects the coin price to fall. Like the long\/short ratio, an <\/span><a href=\"https:\/\/app.santiment.net\/charts\/V7i0mmrw__sCl\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">assessment<\/span><\/a><span style=\"font-weight: 400;\"> of the funding rate showed that most traders were <\/span><a href=\"http:\/\/ambcrypto.com\/binance-coin-looks-bearish-in-the-short-term-but\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">bearish<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h4><b>Interest in shorts and exchanges can\u2026<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">The funding indicates the relationship between the perpetual price and the spot price. When the spot price is below the perpetual price, then the funding rate is positive. In this situation, traders are bullish on price action.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, BNB\u2019S funding rate was -0.037. This implies that the perpetual price was below the mark price. Hence, traders expect another BNB fall in the short term.<\/span><\/p>\n<figure id=\"attachment_328755\" aria-describedby=\"caption-attachment-328755\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/BNB-BNB-07.53.03-19-Jul-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-328755\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/BNB-BNB-07.53.03-19-Jul-2023.png\" alt=\"BNB funding rate and weighted sentiment\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/BNB-BNB-07.53.03-19-Jul-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/BNB-BNB-07.53.03-19-Jul-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/BNB-BNB-07.53.03-19-Jul-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/BNB-BNB-07.53.03-19-Jul-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/BNB-BNB-07.53.03-19-Jul-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/BNB-BNB-07.53.03-19-Jul-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-328755\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Also, the weighted sentiment was -0.488. Used to measure the unique social commentary about an asset, BNB\u2019s weighted sentiment showed that, besides futures and options traders, the broader market participants were also not elated about the coin.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check the <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/binancecoin-profit-calculator\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Binance Coin Profit Calculator<\/span><\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Despite the widespread bearish sentiment, BNB\u2019s volume has <\/span><a href=\"https:\/\/app.santiment.net\/charts\/FQnnYH7W__sCl\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">repeatedly<\/span><\/a><span style=\"font-weight: 400;\"> hit highs over the last few days. On 19 July, the on-chain volume rose again to 780.55 million.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the hike does not mean that BNB\u2019s price would pump. Rather, it indicates that a lot of the coin has been transferred to exchanges lately.\u00a0<\/span><\/p>\n<figure id=\"attachment_328753\" aria-describedby=\"caption-attachment-328753\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/BNB-BNB-08.02.52-19-Jul-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-328753\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/BNB-BNB-08.02.52-19-Jul-2023.png\" alt=\"BNB volume and exchange open interest\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/BNB-BNB-08.02.52-19-Jul-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/BNB-BNB-08.02.52-19-Jul-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/BNB-BNB-08.02.52-19-Jul-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/BNB-BNB-08.02.52-19-Jul-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/BNB-BNB-08.02.52-19-Jul-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/BNB-BNB-08.02.52-19-Jul-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-328753\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The spike in exchange open interest also reinforced this notion. If this trend continues, BNB might experience another wave of selling pressure.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The FUD around the exchange has increasingly reflected on the coin. So, traders do not expect a major BNB uptick.<\/p>\n","protected":false},"author":72,"featured_media":328752,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-328750","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Binance burns BNB again- Will broader sentiment change? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"For the 24th consecutive quarter, Binance has engaged in burning its native cryptocurrency Binance Coin [BNB]\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/binance-burns-bnb-again-will-broader-sentiment-change\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance burns BNB again- Will broader sentiment change? - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"The FUD around the exchange has increasingly reflected on the coin. 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