According to CoinGlass data Binance Coin (BNB) funding rate is at the lowest levels of the last three months. While the open interest and volume weighted funding rate fell to the lowest level since April 2023, it fell to -0.18% momentarily.
According to the data, “short positions” continue to dominate in BNB. This is clear evidence of traders’ motivation to profit from the drop in price.
As Binance, and thus Binance Coin, continues to grapple with various challenges, traders continue to make counter bets and bearish predictions to profit.
Huff Haus, co-founder of Pear Protocol, also noticed this development, noting that Binance’s “BNB has been heavily shorted.”
Haus pointed to three developments that may have hurt investor sentiment. The first is the dismissal of internal senior executives. Three top executives announced earlier this month that they were leaving their roles at Binance. Haus also thinks inconsistencies in Bitcoin Cash (BCH) related withdrawals from Binance.US could be another reason. Third, the CEO Changpeng ZhaoHe believed in the ongoing Justice Department investigation against . The exchange is also facing a lawsuit from the U.S. Securities and Exchange Commission for alleged unregistered sale of securities.
The three executives cited CZ’s handling of the DOJ investigation into possible money laundering as the reason for their resignation. Binance it also laid off nearly 1,000 employees in recent weeks. The layoffs could be due to the exchange taking steps to cut operational costs.
However, CZ referred to the layoffs as “involuntary terminations”. told. Moreover, he stated that Binance is still recruiting. According to press time, BNB was down 2.3% in the last 24 hours to trade at $243.38.
As we continuously strive to increase talent density, there are involuntary terminations. This happens in every company. The numbers reported by media are all way off. 4 FUD.
On the bright side, they just can’t resist talking about us.
We are still hiring. 🤝
— CZ 🔶 Binance (@cz_binance) July 14, 2023
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