BNB price risks sliding another 15% in February.
But markets have become fearful after this news. For instance, the number of addresses holding between 1,000 and 10 million BUSD dropped dramatically since Feb. 13, dumping over $207 million in stablecoins, according to data from Santiment.“This is an astounding level of stablecoin dropping, especially while the other three stablecoins have been seeing big holder accumulations,”Santiment, adding that the ramifications of the SEC lawsuit have been pushing BNB price lower.
“It also is seeing a month-high in trading volume as its price has dropped, meaning there is a higher probability of the plummet potentially continuing.“From an on-chain perspective, BNB holding sentiment has weakened across all address cohorts, which include both small and large investors .Notably, the number of addresses holding 0.001 to 10 million BNB dropped significantly in January 2023 and has been unable to recover since.
Santiment concedes that the ongoing downtrend may not extend in the longer run, saying the SEC crackdown may be “a short-term FUD event.“ “Yes, it’s possible that this is one of those instances where people panic and everything returns to normal for Binance by Friday [Feb. 17].“ This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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