However, the reversal saw BNB slide to an early afternoon low of $230.7. Finding support at the First Major Support Level (S1) at $230.2, BNB broke b
However, the reversal saw BNB slide to an early afternoon low of $230.7. Finding support at the First Major Support Level (S1) at $230.2, BNB broke back through R1 and R2 to end the day at $240.4.
Binance Institutional Crypto Outlook Survey Paints Rosy Outlook
On Friday, Binance released the Institutional Crypto Outlook Survey. Binance surveyed investors at a difficult juncture for the platform and the US digital asset space.
However, the survey provided some crypto market optimism. Canvasing more than 200 global institutional investors, 63.5% of respondents had a positive outlook about cryptos over the next 12 months. Materially, 88.0% of respondents were bullish about the next decade.
Despite the crypto winter and increasing regulatory uncertainty, 47.1% of institutional investors maintained their crypto allocation over the past year, with 35.6% increasing their exposure over the same period. Significantly, 50% expect to increase their crypto exposure, with only 4.3% expecting to reduce their exposure to cryptos in the next 12 months.
While the survey provided market optimism, the SEC influenced investor sentiment. The SEC reportedly considered the latest BTC spot ETF applications lacking clarity and comprehensiveness.
One area of SEC focus was the lack of surveillance-sharing agreements or appropriate details about the surveillance-sharing agreements. 21Shares, ARK Invest, Blackrock, Fidelity, Invesco, Valkyrie, and WisdomTree all reportedly amended and refiled their applications on Friday.
The comments and refiling contributed to a choppy afternoon session for BNB and the broader crypto market.
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