BNB Sets New Record Amid Institutional Adoption Surge

While the spotlight seemed focused elsewhere, BNB surprised the entire market by reaching a historic record of $851.48. The surge, which occurred over the weekend, triggered a series of massive liquidations, revealing the extent of leveraged exposure. This sudden spike places Binance’s crypto back at the center of the game, in a context where activity on the BNB Chain is intensifying and institutional players are beginning to position themselves.

The Rise of BNB Driven by Fundamentals

This weekend, BNB crossed a symbolic threshold by reaching a new all-time high of $851.48, surpassing its previous peak of $801. Such a surge comes after an intense expansion phase of the crypto amid renewed activity on the BNB Chain network.

Indeed, Binance’s native asset broke a two-year technical resistance, which analysts attribute to a deep structural dynamic. The activity on the BNB Chain network is increasing, Binance remains the top exchange platform, and companies are buying BNB for their treasury. Two companies, WindTree Therapeutics and Nano Labs, have already converted part of their treasury into BNB, illustrating a trend of institutional adoption.

The rise of BNB relies on a set of solid fundamental signals that go far beyond a simple speculative movement :

• Activity on the BNB Chain is significantly increasing, reflecting greater use of the blockchain infrastructure linked to Binance ;

• BNB’s market capitalization has reached $114.61 billion, positioning it as the fourth-largest crypto outside stablecoins in terms of market value ;

• Analysts foresee a bullish potential up to $1,000, driven by institutional capital inflows and strong network dynamics ;

• The public support from Changpeng Zhao (CZ) reinforces the ecosystem’s legitimacy: “a huge thanks to all ecosystem players: Bitcoin maximalists, Ethereum holders, meme traders, ETF hopefuls, publicly traded companies using cryptos in their treasury, constructive regulators, and builders of useful solutions“, he wrote on July 23, 2025.

Build and Build. $BNB

Appreciations to all the ecosystem players, BTC maxis, ETH holders, meme traders, ETF applicants, treasury pub cos, good regulators, and utility builders. 🙏 pic.twitter.com/5YreSKU7xQ

— CZ 🔶 BNB (@cz_binance) July 23, 2025

These elements confirm that BNB’s rally is supported by tangible fundamentals, not just temporary speculative moves.

A Wave of Liquidations Reveals the Flaws of an Overheated Market

The rapid bullish movement of BNB did not come without consequences. According to data compiled by Coinglass, $178.04 million worth of positions were liquidated in just 24 hours, affecting 77,874 traders.

The overwhelming majority of these liquidations concerned short positions, amounting to $1.58 million compared to only $21,720 for longs. The largest liquidation order was recorded on the Bybit platform, a sign of a sharp misalignment between traders’ expectations and market reality. This phenomenon reflects an imbalance between bearish anticipation and bullish momentum, heightened by excessive short positioning.

Meanwhile, funding rates remained consistently positive, a signal that long positions dominate the market and that bullish conviction remains strong. Daily trading volume exceeded $5 billion, reaching an unprecedented peak in several months.

As for open interest, it surpassed $1.3 billion, highlighting a rising exposure in derivatives. These on-chain data paint a high-risk market where even a slight correction could trigger another wave of liquidations.

This market dynamic, as spectacular as it is unusual, is striking. While some analysts mention a target of $1,000 by the end of the year, or even $1,800 to $2,000 at the cycle peak, this optimistic projection will have to contend with a heavily speculative environment. Massive liquidations often indicate excessive confidence or poorly managed leverage. It will be important to closely monitor the behavior of institutional actors now inserting the asset into their treasury and the persistence of sustained volume to assess the durability of this bullish trend.