BNB Trading Volume Surges 65%, Traders Eye $600 Breakout

BNB's trading volume has seen a significant surge, jumping over 65% on July 31 as the token hovered around the $589 to $590 price range.

This increase in activity is being closely watched by traders, who are waiting to see if BNB can break through the psychological barrier of $600.

The token's derivatives open interest has also risen, sitting at around $950 million with long-to-short ratios exceeding 1.9, indicating a leaning towards long positions.

However, it is essential to note that rising trading volume does not necessarily mean Binance's business is recovering or that BNB will continue to rise. It simply indicates increased market activity and positioning around the token.