Binance, the cryptocurrency exchange, has reached a new record in open positions, surpassing $8.3 billion in crypto derivatives. This surge aligns with a sharp increase in Bitcoin 
$98,307 prices, which reached a historic peak following Donald Trump’s victory in the U.S. presidential elections.
Volume Increases
According to CryptoQuant data, Binance’s open positions in crypto derivatives rose by 10.24% within 24 hours, reaching $8.3 billion. This increase has elevated Binance’s share of global crypto futures open positions to 35%.
Bitcoin’s new all-time high of $76,000 led to the liquidation of open positions on major exchanges. Liquidated short positions exceeded $370 million, while the total liquidation volume approached $580 million.
BNB Price Predictions
The record levels of open positions on Binance indicate potential for an increase in BNB prices. The recent “cup and handle” formation observed in BNB charts suggests a possible upward breakout. Experts identify the $700 level as a significant resistance point, which could be surpassed if the current trend persists.
In the past 24 hours, the BNB price increased by 4.6%, reaching $588. Trading volume surged by 46.55% to $2.26 billion, pushing BNB’s market capitalization above $84.12 billion.
These developments indicate that Binance is strengthening its market impact, contributing to a more active overall cryptocurrency market. At the time of writing, Bitcoin has risen to $76,400, further extending its record price. Following Trump’s election, BTC may soon approach the $80,000 mark.
In conclusion, the record increase in Binance’s open positions could positively influence both BNB prices and the broader cryptocurrency market. Market participants should closely monitor future trends with Binance’s growing market share.
