BNX Price Soars 57.41%, Marking a Strong Surge as Market Confidence Grows Amid Contract Liquidation
The cryptocurrency market saw an incredible 57.41% jump in the price of $BNX in merely a day, taking its worth to $1.78 per coin.
This has pushed its market cap in the general direction of $679.69 million, whereas in trading, $BNX has seen an outrageous uptick of 154.01% in volume. All of these developments should catch the eye of not just the average crypto investor, but also institutional types, as they are more likely to be drawn into the space when a single token sees such a sharp increase.
Binance to Liquidate $BNX/USDT Contract, Shorts Surrendering in Large Numbers
The bullish momentum around $BNX has been further amped up by a big update from Binance. The exchange has now announced that it will automatically liquidate the $BNX/USDT contract trading pair at 5 pm today. That is expected to have a major impact on the market. And this comes in the wake of the $BNX token—formerly known as $FORM—rebranding back to its original name.
The liquidation’s timing has already shifted market dynamics. Traders are adjusting their positions in anticipation of the event. During the day, a stunning 3 million BNX short positions were closed out or “surrendered,” and those retracing their steps have done so without much in the way of apparent conviction. If we take this mass exodus from short positions to be a signal of some kind, it is an even more favorable environment for long positions when considering the space left between now and the liquidation time.
BNX 空军还真是永不认输，但这次是赌场快要关门了啊🥹
币价近 24 小时上涨 38%，使得目前的多空比达到夸张的「多军 19.42% vs 空军 80.56%」
由于 $BNX 计划再次改名为 $FORM ，币安将在今天下午五点对 BNX/USDT 合约交易对进行自动清算；从今天凌晨 12 点至今，已有 300 万枚 BNX… pic.twitter.com/Rrk2ezP3nv
— Ai 姨 (@ai_9684xtpa) March 17, 2025
Market Sentiment and Long-Short Ratio Data
The most recent data on contract transactions from Binance as of 14:10 shows that the bulls have the upper hand. The accounts data show that for every hundred accounts, roughly 18 are long and around 82 are short. The market seems to have a slight bias towards the bull side; however, those who trade more frequently are leaning heavily towards the bulls, with 65.05% of them holding long positions.
This unequal ratio shows that traders are leaning toward long positions and wagering on continued price rises for $BNX. With the forced liquidation of short positions not far off, the market may see some added upward pressure, as more traders are likely to close out their short positions, with the audacity that such an action might add to the upward momentum.
The Rebranding of $BNX: A New Chapter for the Token
$BNX’s new name reflects a desire to restore trust among investors and users in the token and its rebranding. It also might reflect a new strategy for the token as it aims to recapture the attention of traders and investors who have possibly been uncertain about $BNX’s future. The moment is significant for the community and token.
This development coincides with the fact that the token is seeing an upturn in its market activity, with more and more traders and investors watching closely what it’s up to. The price of $BNX, along with its trading volume and market cap, seems to be in an upward trajectory, which could very well continue in that direction, especially as the overall market mood is shifting toward the bullish side.
Conclusion
BNX’s price has surged recently, and it’s in a strong place now to keep going up.
That’s despite some market data showing a pretty significant shift in sentiment.
But if you take a look at today’s chart, aside from a very brief bounce that was immediately sold into, you’re left with quite a few hours of uninterrupted upside action. And in the hours we’ve had this uninterrupted upside action, we’ve maintained a very strong ratio of long positions to short positions.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.
