TL;DR
- A whale sold 12,320 BNB ($10.76M), increasing selling pressure and affecting both spot and derivatives markets.
- Long liquidations reached $3.5M, and open interest fell to $1.3B, reflecting deleveraging and forced position closures.
- BNB trades near $815, below the 100-day EMA and SMA, with rising volume and declining market cap, signaling a clear bearish trend.
A whale offloaded 12,320 BNB, equivalent to $10.76 million, intensifying market selling pressure and triggering reactions across spot and derivatives markets. The transfer to a Binance deposit address indicated imminent sell activity, coinciding with an abrupt shift in sentiment and a leveraged position reset.
Data from Coinglass show that long liquidations on BNB reached $3.5 million over 24 hours, reflecting how exposed traders were to a correction. As the price continued to fall, many of these positions were forcefully closed, accelerating the decline. Open interest dropped from $1.4 billion to $1.3 billion by the end of November, evidencing that traders either reduced speculative exposure or were liquidated, signaling widespread deleveraging in the futures markets.
BNB Drops 9% and Trades Around $815
Its 24-hour trading volume surged 89%, but the higher activity failed to support the price. Market capitalization fell from $123 billion to $112 billion, indicating distribution: more sellers than buyers, deepening bearish pressure. From a technical perspective, The token trades near $815, well below the 100-day EMA ($950.7) and 100-day SMA ($993.8), placing it in a medium-term downtrend and showing that buyers have lost control of the market structure.
The activity of a single whale can amplify volatility, impacting both spot and derivatives markets. The combination of leveraged liquidations, declining open interest, and falling technical levels reinforces a shift toward a bearish market. Selling pressure points to a challenging environment for BNB in the coming days.
The next critical factor will be buyer reaction. If they defend the current range, the price could stabilize. Otherwise, continued outflows and risk-off sentiment could extend the decline
