- BNB’s spot netflow data from Coinglass highlighted shifting investor behavior.
- The total number of BNB addresses recently reached a record 229 million, according to analysis.
Binance Coin’s [BNB] ecosystem has experienced notable growth, reflecting strong market participation and adoption. Recent trends indicate a surge in active addresses, price volatility, netflow fluctuations, and open interest shifts.
The number of BNB addresses recently hit a record 229 million, coinciding with BNB’s price rise from $517.75 to $598.44.
From January end to mid-February, addresses increased steadily from 219 million to 228 million, showing growing user engagement. Early March saw a sharp uptick, further reinforcing the trend of rising activity within the BNB ecosystem.
Source: Glassnode
A temporary dip to 223 million addresses in early February, followed by a recovery, mirrored late January’s cyclical engagement patterns.
Rising address counts often indicate growing demand, which could support BNB’s price increase. However, slowing adoption might lead to price stagnation.
Over time, consistent address growth may reflect BNB’s strengthening position in the market.
The link between active addresses and the price rise from $554 to $602 suggests a bullish trend. If this momentum persists, address totals could surpass 230 million.
BNB: Key levels and market sentiment
BNB’s price movements on Binance’s 1-hour chart highlighted significant shifts. At press time, the price climbed from $596.34 to $601.01, peaking at $630 before retracing to $596.64.
Source: Coinglass
At the time of writing, the Relative Strength Index (RSI) has risen from 30 to 55.57, nearing 70, signaling bullish momentum after an oversold recovery.
The Exponential Moving Average (EMA) 9/26 crossover at $596.64 suggests a potential buying opportunity.
A double-bottom pattern near $550–$570 preceded the rebound, mirroring February’s uptrend. This indicates strong support at $550 and resistance at $630.
If the RSI exceeds 70, BNB could break past $630 and aim for $650. However, a dip below $580 might lead to a correction toward $550.
In the long term, sustained RSI above 50 and bullish EMA alignment could propel BNB toward $700. Conversely, a bearish EMA crossover below $580 might signal a reversal to $500, urging traders to exercise caution.
Understanding inflows and outflows
BNB’s spot netflow data from Coinglass highlighted shifting investor behavior. Netflow peaked at $60 million in late January when BNB traded at $600 but later declined to -$60 million by mid-February, aligning with a price drop to $500.
On the 7th of March, netflow rebounded to $40 million, coinciding with a price level of $601.10, suggesting renewed buying interest.
Source: Coinglass
This trend paralleled the surge in active addresses to 229 million, reinforcing the presence of accumulation.
If net inflows exceed $60 million, BNB could challenge the $650 level. Conversely, a decline below -$30 million might trigger selling pressure, pushing the price toward $550.
Historical patterns indicate a seasonal trend, with January’s net inflows signaling a similar price movement. Sustained inflows could keep BNB above $600 in the long run, while persistent outflows may test support at $450.
Open Interest: Market leverage and potential trends
Moreover, Open Interest (OI) in BNB derivatives also indicated strong market activity. Data from Coinglass showed an increase from 462,108 to 482,102 contracts on the 7th of March 2025, peaking at 487,625.
This growth aligned with the surge in active addresses and the price recovery from $550.
Source: Coinglass
A decline in OI to 467,000 contracts coincided with a price dip to $580, mirroring a January trend where declining interest accompanied corrections.
Rising OI above 480,000 suggested bullish leverage, potentially driving BNB toward $700 if it reaches 490,000. Conversely, a drop below 460,000 could signal liquidation, leading to a decline toward $500.
In the long term, maintaining OI above 480,000 could reinforce a bullish trajectory, while a sharp decline to 450,000 may indicate a bearish shift.
