According to @cas_abbe, whales are currently executing heavy short positions on BNB, even as BNB Chain activity reaches a three-year high (source: @cas_abbe, May 24, 2025). This trading pattern suggests that large holders may be hedging their significant spot BNB holdings by taking opposite positions in derivatives. Historically, such whale activity often indicates sophisticated risk management rather than outright bearish sentiment. For traders, this signals potential volatility in BNB price action but also suggests underlying confidence in BNB's long-term fundamentals, as whale hedging is frequently associated with portfolio protection during periods of increased network activity. Monitoring on-chain metrics and derivatives data could provide additional trading signals for those navigating current BNB volatility.