Following the crypto market’s destruction of $ 500 billion, BNB stood out as a better than a speedy recovery to a new highlight of all over $ 1,350. This period seems to be over as it fell almost 6.5% in the last 24 hours.
In comparison, Bitcoin is down 1.9% in the same period, while the wider crypto market, measured by Coindesk 20 (CD20) index, is down 2.9%. BNB’s underprestiation could be linked to profit-take and portfolio Rebalansing.
BNB dropped from $ 1,286 to $ 1,165 when the crypto market staging a fragile recovery from the sharp sales. About $ 16 million worth BNB positions have been liquidated in the last 24-hour period over the sale, according to Coinglass data.
To blush the impact on retail users, the BNB chain announced a $ 45 million fund aimed at stabilizing the market and supporting more than 160,000 affected traders.
Market manufacturer Wintermute noted that sales were tightly synchronized and tested the borders of eternal contract trading platforms. It added that “violent price movement quickly led to liquidity disappearing from the wider market.”
Still, business collection of BNB has continued. Hong Kong-Listed Investment Bank China Renaissance is aiming to collect $ 600 million for a listed crypto state box that focused exclusively on BNB.
The vehicle to be based in the United States would represent one of the largest public efforts at BNB to date. It would endorse other listed units such as CEA Industries that recently raised its BNB holdings to 480,000 tokens.
The deal is allegedly supported by Yzi Labs, with $ 10 billion Family Office of Binance co-founder Changpen Zhao, who recently hosted an invited investor dinner in Singapore to promote BNB-centered investment.
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