BNB Bears: Whale and KOL Dump $740K at a Loss as Futures Curve Inverts

The BNB market is currently experiencing a notable bearish sentiment, driven by significant whale activity and a shift in derivatives market dynamics. Two major holders, including a whale address and @CookerFlips, have been actively offloading substantial amounts of BNB, largely at a loss, indicating a strategic de-risking or capitulation in a declining market. This on-chain selling pressure is corroborated by a positive funding rate outlier on Binance for BNBUSDT, suggesting an increase in long positions despite the price decline, potentially setting up for a squeeze. Furthermore, a decrease in open interest on Deribit for BNB_USDC-PERPETUAL and an inversion in the futures curve for BNB point to a weakening bullish conviction and a preference for shorter-term exposure, reflecting broader market caution amidst regulatory developments and weakening liquidity ahead of the holidays.