The first new high after the major liquidation in the cryptocurrency market! Binance Coin (BNB) reaches a historical high
Against the backdrop of an "epic liquidation" of $19 billion in the cryptocurrency market over the weekend, Binance Coin quickly regained its losses and reached a historic high of nearly $1,370 on Monday. According to reports, CR HOLDINGS is planning to raise approximately $600 million to establish a public investment vehicle focused on accumulating BNB, and the family office of Binance co-founder Zhao Changpeng is also planning to participate in the investment. The number of monthly active addresses on BNB Chain has reached a record 59 million
After the "epic liquidation" in the cryptocurrency market, Binance Coin (BNB) not only quickly regained its losses but also reached a new historical high.
According to Coinmarketcap, the price of BNB soared to $1,357.88 this Monday, briefly touching a record high of nearly $1,370. This price breakthrough occurred against the backdrop of the entire cryptocurrency market experiencing a tumultuous weekend with forced liquidations totaling up to $19 billion. BNB rose over 11% within 24 hours, with a cumulative increase of 46% over the past month, marking its third consecutive week of setting historical highs.
The most striking signal of this rally comes from the potential entry of institutional funds. According to Bloomberg, citing informed sources, investment bank CR HOLDINGS is in talks to raise about $600 million to establish a "digital asset treasury company" listed in the United States, with a core strategy of accumulating BNB tokens deeply tied to the Binance ecosystem.
Reports suggest that this model is similar to MicroStrategy's strategy of accumulating Bitcoin. Binance co-founder Zhao Changpeng's family office YZi Labs plans to co-invest with CR HOLDINGS, with both parties intending to invest a total of $200 million, of which CR HOLDINGS will directly contribute about $100 million to hold BNB.
In response, both CR HOLDINGS and YZi Labs declined to comment.
Behind the Uptrend: Increased Ecosystem Activity and Strong Institutional Interest
The resilience of BNB's price is backed by a significant increase in ecosystem activity.
According to TokenTerminal, the number of monthly active addresses on BNB Chain has reached a record 59 million, and this growth directly reflects the enhanced confidence of investors and the strong fundamentals of the network.
Along with the price increase, market trading activity has also been exceptionally active.
Data shows that BNB's 24-hour trading volume surged over 77%, reaching $11.99 billion, with its market capitalization growing by 16.21% to $188.36 billion. Additionally, about 30% of the BNB supply is currently staked, further solidifying its position as the second-largest DeFi ecosystem amid the influx of institutional funds and the expansion of decentralized finance (DeFi).
In addition to the potential layout by CR HOLDINGS, data from the futures market also corroborates the buying pressure from institutional investors. An indicator called "Taker Cumulative Volume Delta" shows that as of October 12, buy orders dominated the BNB futures order book.
At the same time, the positive 90-day CVD indicator also indicates that buyers currently hold a controlling position in the BNB futures market. These data collectively paint a picture of institutional participants actively building positions, providing support for BNB's upward momentum in a turbulent market
Is the "Downtime Incident" Just a Minor Episode?
Last Friday, the cryptocurrency market experienced an "epic liquidation," with a collective plunge in cryptocurrency prices. During this period, the price of Bitcoin fell by 13.5% from a high of over $126,000, and within hours, the cryptocurrency market was in disarray.
However, at the time when the market needed liquidity the most, a large number of users reported experiencing system delays, unexecuted orders, and even frozen accounts on trading platforms like Binance, leading to increased losses.
The world's largest cryptocurrency exchange, Binance, faced widespread skepticism from users due to this "downtime incident."
However, afterward, Binance issued a statement, acknowledging that there were technical issues on the platform and that compensation had been initiated, but insisted that its core trading engine was operating normally, and the "culprit" behind the market crash was macroeconomic factors rather than the platform itself. There are theories circulating in the market regarding a "targeted attack" on Binance's margin system—specific assets being deliberately suppressed leading to chain liquidations, but Binance stated that the market crash occurred before the decoupling of platform assets
