BNB faced continued pressure last week after encountering resistance around $632, subsequently falling below the $600 mark and trading below this level for four consecutive days. At the time of writing, BNB was trading at $592, showing a slight recovery in the last 24 hours. As the price attempts to return above $600, the movements of on-chain whales have once again become the focus of market attention.

Whale sells XAUT and buys BNB

Onchain tracking platform Onchain Lens revealed that a wallet associated with TechnoRevenant sold 492 Tether Gold (XAUT), cashing out approximately $2.05 million, and subsequently bought 3,457 BNB at an average price of approximately $595.

XAUT has fallen about 24% from its January high, and this portfolio adjustment is interpreted by the market as some funds shifting from gold tokens to more volatile crypto assets. The report mentions that TechnoRevenant previously gained attention for its early investments in World Liberty Financial (WLFI) and for large transactions on Hyperliquid.

Large orders have remained at a high level for seven consecutive days.

In addition to single on-chain purchases, CryptoQuant's average spot order size metric also shows that large orders have remained at a high level for seven consecutive days. This typically indicates that large funds are still actively participating.

However, this indicator alone cannot directly distinguish between buying and selling directions, so it needs to be combined with other data for judgment. Correspondingly, the Spot Taker CVD is still dominated by buyers, indicating that the active trading side is temporarily biased towards buying. After the price weakened, this combined signal shows that some large investors are still accumulating BNB.

Net inflows into exchanges bring short-term pressure.

In terms of price performance, BNB has recently rebounded from around $570 to nearly $595. The Relative Strength Index (RSI) has shown a bullish crossover and risen to 44, indicating that buying momentum has recovered somewhat.

However, the RSI remains below the neutral threshold of 50, indicating that the influence of sellers has not completely subsided. Meanwhile, net spot inflow data is sending a more cautious signal. On June 22, BNB's spot netflow rose to $3.2 million, signifying an increase in token inflows into exchanges.

Exchange inflows typically increase potential selling pressure; therefore, whether BNB can regain the $600 level depends on whether whale buying can continue to offset this selling pressure. If buying continues, the price may retest the $633 level; if exchange deposits continue to increase, the market may revisit the support level around $560.