Rapid Increase in Open Interest for Binance’s BNB Amid Price Drop: Crypto Analyst Warns of Chain Liquidation Risk

Crypto data provider Coinglass’s tracking data indicates a rapid increase in the open interest – or in other words, the number of unsettled and active futures contracts – in Binance’s BNB. Open Interest in BNB Rises to 1.57 Million As of today, the total open interest in BNB, one of the top altcoins, has surged to 1.57 million BNB (equivalent to $360 million), reaching the highest level observed since January 1. This figure has risen by more than 8% within the last 24 hours and approximately 27% over the past week. Current data indicates that BNB’s price dropped to $221 in the early hours of today, hitting the lowest level since December 12, 2022. Since the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against giant crypto exchange Binance on June 5, BNB’s price has fallen over 25%. An increase in open positions, alongside a price decline, often signifies […] The post Rapid Increase in Open Interest for Binance’s BNB Amid Price Drop: Crypto Analyst Warns of Chain Liquidation Risk appeared first on COINTURK NEWS.