Sei Network announced on Thursday, November 6, that Binance would become a network validator, a move intended to help secure transactions. Despite this significant development, the news wasn’t enough to counter broader market pressures, as the SEI token’s price fell 4% over 24 hours to trade at $0.16.

Widespread Bearish Sentiment Hits Altcoins

The price drop for SEI reflects a larger trend impacting risk assets, with altcoins feeling the most significant impact. Bearish market conditions have caused investors to pull back, causing the altcoin season index to fall from 33 to 22 since the end of October. This shift means that only 22 of the top 100 altcoins have managed to outperform Bitcoin over the past 90 days.

In that same timeframe, the total altcoin market capitalization shrank from $1.48 trillion to $1.36 trillion. SEI has been hit particularly hard by the downturn, with its price falling 12% in the past week and 44% over the last 30 days. The broader market downturn was intensified by news on October 10 that the White House was imposing heavy tariffs on China, which negatively affected both stocks and crypto assets.

Institutional Confidence in Sei Persists

While the token’s price is under pressure, the partnership with the world’s largest crypto exchange remains a notable achievement for the Sei Network. According to the project’s announcement, Binance’s participation signals growing confidence from global enterprises in Sei’s role as a preferred settlement layer for institutional finance.

Binance joins an established and growing list of high-profile industry partners for the network. The Sei ecosystem already includes collaborations with key players such as Circle, MetaMask, Securitize, KAIO, Etherscan, and Ondo, reinforcing its focus on building institutional-grade infrastructure.