BNB is now down 11% from its all-time high of $1,370 this week, hitting an intraday low of $1,151.50 before stabilizing near $1,180. Its latest addition to Coinbase’s listing roadmap hasn’t helped it recover.
The drop triggered more than $630 million in liquidations across 210,000 trading accounts as the market turned risk-off.
The token’s 24-hour trading range showed signs of attempted recovery, jumping from a $1,151 low to a session high of $1,194.06. Volume remained elevated, with $6.19 million traded during the period, as shown by several spikes in the chart, according to CoinDesk Research’s technical analysis data model.
The withdrawal came even as adoption grew. China Merchants Bank international (CMBI) has tokenized its USD money market fund on the BNB chain by issuing two tokens, CMBMINT and CMBIMINT, to accredited investors via DigiFT and OnChain.
Adding to the momentum, the token, which can be used for fee discounts on Binance, was added to Coinbase’s asset listing roadmap shortly after the exchange launched its “Blue Carpet” initiative, a new, streamlined onboarding process for token projects.
While inclusion on the roadmap doesn’t guarantee a listing, the timing marks a rare nod to Binance’s ecosystem’s native token. Earlier, BNB’s accumulation of corporate finance also got a nod after Hong Kong-listed investment bank China Renaissance was reported to be planning a $600 million to build a BNB-focused treasury.
David Namdar, CEO of leading listed BNB tax company CEA Industries (BNC), told CoinDesk that BNB is a “blue-chip digital asset with real adoption, deep liquidity and tangible utility – not just a narrative.”
“The fundamentals speak for themselves. In Q2, BNB Chain averaged over $3.3 billion in daily DEX volume and nearly $10 billion in total value locked across DeFi,” Namdar said, adding that “many Western investors are still overlooking it.”
Namdar described BNB as “digital infrastructure equity” and noted that institutional interest is growing rapidly outside the US
“There is no ETF for BNB and yet institutional demand is growing rapidly. We are bridging that gap.”
Even so, BNB is still down 0.38% on the day. Market watchers will be focused on whether the $1,150 support level can continue to hold and whether the broader market can provide some relief.
On the macro front, rising trade tensions between the US and China have driven investors away from risk assets and into safe havens like gold, which recently topped $4,200.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial staff to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.
