Crypto traders are expressing pessimism towards Binance's native coin BNB in the derivatives market due to regulatory turmoil. The open interest-weighted funding rate for BNB turned negative, indicating that traders betting on a price decline are willing to pay those waiting on gains to keep their bearish positions open.
Binance, the world's largest crypto exchange, has been facing increased regulatory scrutiny from Australia, Europe, and the US, with accusations of mishandling users' funds and lying to financial regulators. The negative open interest rate in the perpetual swap market reflects growing pessimism among traders towards BNB, which is currently changing hands at just above $239.
All Comments