BNB’s price has been a rollercoaster lately, even when the rest of the crypto market was sleepy. After a tough start to Q2, struggling to stay above $500, it bounced back strongly, breaking through the $600 mark in early May. But hitting $700 and reclaiming its all-time high? Not so easy.
Whale Watching: The Big Players Are Pulling Back
Investment firm Alpractal recently pointed out some interesting things about BNB’s recent price slump. They focused on “whales”—investors with huge amounts of crypto—and how their actions affect the market. Alpractal looked at the “Whale vs Retail Ratio,” which compares how much whales and regular investors own. They found that BNB whales are getting more bearish than the average investor.
Less Buying, More Volatility?
Alpractal also noticed that buying pressure for BNB is way down compared to the previous week. This, combined with Bitcoin’s recent gains and BNB’s relatively muted response, suggests things could get volatile. The decreased buying, plus whales potentially selling, points to a possible price drop in the near future.
The Current Situation
At the time of writing, BNB is around $670, down about 2% in the last 24 hours. It had a brief surge to almost $690 earlier today, but that didn’t last. This is particularly concerning since crypto markets often slow down on weekends. However, BNB is still up about 3% over the past week.
