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$BNB is consolidating on Monday, trading around $790 as the token consolidates following three consecutive weeks of gains.
Its near-term technical structure remains bullish, although the contrast between active derivatives markets and quiet ETF flows raises questions about the recovery’s durability.
The token continues to trade above its major daily moving averages, suggesting the recent advance has retained much of its strength.
However, buyers have yet to overcome resistance near $798, a level that could determine whether the rally extends or gives way to a deeper pullback.
For now, the market presents a mixed picture. Derivatives positioning favors further upside, while demand through spot exchange-traded funds remains subdued.
Momentum indicators also suggest a constructive trend with limited immediate acceleration.
CoinGlass data shows that $BNB futures open interest has climbed across exchanges since mid-September, reaching its highest level since early June on Monday.
Open interest tracks outstanding derivatives contracts. Its increase alongside the recent price recovery indicates that market exposure has expanded as $BNB has gained ground.
That combination is consistent with growing participation in the rally, but open interest alone does not establish whether new positions are predominantly long or short.
Every contract has both sides, making additional indicators important when assessing directional sentiment.
$BNB’s funding rate provides a clearer sign of bullish positioning.
The rate turned positive on Saturday and rose to 0.0084% on Monday, meaning traders holding long perpetual positions are paying those holding shorts.
Positive funding suggests stronger demand for long exposure.
However, it also means part of the bullish positioning involves leveraged contracts, which can become vulnerable if prices move against traders.
SoSoValue data shows that $BNB spot ETFs have recorded little meaningful flow activity since their May 28 launch.
Investor participation remained muted through September and into October, despite the token’s recent recovery.
The limited activity suggests ETF buyers have contributed little visible support to the rally.
It does not establish that all institutional demand is absent, but it leaves this particular investment channel offering weak confirmation of the price advance.
Against that backdrop, derivatives activity appears more prominent than ETF demand in the current market picture.
A sustained shift toward positive ETF inflows would broaden the evidence supporting the recovery.
Until then, the token’s upward trend depends on demand that has yet to produce meaningful flows through these funds.
$BNB remains above its 50-day, 100-day, and 200-day exponential moving averages at approximately $728, $689, and $679, respectively.
This positioning supports a bullish near-term bias despite Monday’s modest decline.
Immediate resistance sits at $798, corresponding to the 61.8% Fibonacci retracement.
A decisive break above that level would bring horizontal resistance at $826 into focus. Beyond it, the cycle high near $959 represents a more distant upside reference.
The Relative Strength Index stands around 60, indicating bullish momentum without an overbought reading.
Meanwhile, the Moving Average Convergence Divergence remains slightly negative, suggesting the advance has not regained strong acceleration.
If sellers gain control, initial support lies near $758, followed by the 50% Fibonacci retracement at $748. The 50-day EMA at $728 provides another support level below that area.
Holding those levels would preserve the recovery structure, while clearing $798 would strengthen the case for another move higher.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
Updated Version 4 - Mattel Investor Ariel Urges Sale Amid Stalled Turnaround
Ariel Investments holds a 5.4% stake in Mattel and believes the stock remains severely undervalued. Mattel stated it will take into account the opinions of Ariel and other shareholders. According to sources, Authentic Brands Group approached Mattel last week, with a potential valuation of around $6 billion. Analyst comments and a chart were added in paragraph 10. Juveria Tabassum/Angela Christy M Reuters, October 5 – A letter obtained by Reuters shows that a major shareholder of Mattel (MAT.O) on Monday urged the Barbie-maker to explore a sale, citing stagnant growth in performance and profitability. Ariel Investments, holding a 5.4% stake in Mattel, stated that the company’s stock is still severely undervalued. “We believe that strategic buyers would be willing to acquire your company at a price significantly above the current share price,” Ariel Co-CEO John Rogers wrote in a letter to Mattel’s board. The asset management firm suggested Mattel's options include “divesting significant assets, mergers, and/or an outright sale of the company.” Ariel believes other toy companies may be interested in Mattel’s asset portfolio, as well as entertainment firms and traditional private equity companies. In recent years, despite Mattel’s stabilizing business and the box-office success of the Barbie movie, the company has faced fluctuating sales and rising input costs. Operating profit has declined for six consecutive quarters. In after-hours trading, Mattel's shares rose 0.9% to $16.20. Ariel’s initiative comes as Mattel undergoes leadership changes (link). CEO Ynon Kreiz stepped down last month to become Co-CEO of Paramount Skydance (PSKY.O), while board member Roger Lynch—former editor-in-chief of Vogue and head of Condé Nast, parent company of The New Yorker—will assume the CEO role next month. Mattel replied to Reuters by email: “Our board and management team are committed to acting in the best interests of all shareholders, and will consider the views expressed in the letter from Ariel Investments, as well as those of other Mattel shareholders.” This is the second time this year investors have asked Mattel to consider strategic options. In May, Mattel investor Southeastern Asset Management called for the company to explore various options (link), including privatization, acquisition by competitor Hasbro (HAS.O), or by a major media company that could value Mattel’s assets more fairly than the public market. Last week, a person familiar with the matter told Reuters that Authentic Brands Group (AUTH.N) approached Mattel about a potential acquisition (link), which could value the toymaker at about $6 billion or higher. The source noted that there is no guarantee Mattel will accept Authentic Brands’ proposal, and the company is not conducting a formal sale process at this time. Following the news, Mattel’s share price soared. Despite the rebound, the stock remains down about 20% year-to-date. According to London Stock Exchange Group (LSEG) data, Mattel’s 12-month forward price-to-earnings ratio stands at 9.99, compared to an industry average of 14.03. “I think this just reflects the market’s frustration about the business possibly being a bit stagnant. Given the current level of valuation, now may be a good time to turn around the business away from the spotlight of investors,” said Morningstar analyst Jaime Katz. (For the convenience of non-English speakers, Reuters automatically translates its reports into several languages. As automated translations may contain errors or lack context, Reuters does not guarantee the accuracy of automated translation texts and provides them solely for readers’ convenience. Reuters assumes no liability for any loss or damage resulting from the use of the automated translation feature.)
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