币界网报道：Binance Coin [BNB] has maintained relatively stable levels over the past day, with no significant gains or losses recorded during the period. Current on-chain sentiment does not support a market rally. Selling pressure has become more pronounced as interest in both spot and derivatives markets has waned. Here’s everything you need to know. BNB On-Chain Interest Fading Rapidly Interest in trading on the BNB Chain and BNB’s utility has waned over the past day. The number of daily transactions completed on the chain has fallen sharply, reaching its lowest level this month, at the time of writing. This drop comes after a 12.02% decline, according to BSCScan, with 12.7 million daily transactions completed. This decline in activity means that market participants are not actively participating in the network or using BNB. Potential market participants may be reacting to this signal, as the number of new addresses has dropped significantly over the past day. At the time of writing, the number of new participants has dropped by 25%. Typically, this metric increases during periods of high interest and decreases during periods of low interest. There’s more: The most active addresses may have also started selling as they saw a significant spike in activity over the past day. According to Artemis data, the number of daily active addresses that completed more than 100 transactions increased significantly during this period. This trend suggests that the most active players and traders using BNB are exiting, especially as volume has fallen to $1.29 billion after an 8% drop. Derivatives Markets Side with Bears Derivatives markets on CoinGlass have all turned bearish on BNB, with investors expecting further price declines. In derivatives markets, options traders led the sell-off. At the time of writing, Option Open Interest — which determines whether liquidity is entering or exiting the market — suggests the latter. Option Open Interest has fallen 71.36% over the past day to $3.09 million, meaning that contracts are being liquidated broadly, with long liquidations exacerbating the trend. A closer look at the OI-Weighted Funding Rate — which provides a better view of overall derivatives sentiment — confirms that bears are in the driver’s seat. The indicator has fallen into negative territory, with a reading of -0.0023%, indicating that most open interest is coming from sellers betting on falling prices. $36M Weekly Selloff Suggests More Pain Ahead The analysis suggests that the spot market reflects the behavior of both on-chain participants and derivatives investors. The spot market saw an increase in selling volume, with traders dumping $2.18 million worth of BNB in exchange for other assets, perhaps stablecoins or alternatives with stronger price prospects. The sell-off has pushed the weekly cumulative sales to $36 million, with a large amount of capital flowing to other ecosystems. If this negative trend continues across markets, it will likely trigger a further drop in BNB prices.