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 recent addition to Coinbase’s listing roadmap has failed to help it recover.
The crash triggered more than $630 million in liquidations on more than 210,000 merchant accounts as the market moved away from risk.
The token’s 24-hour trading range showed signs of attempted recovery, bouncing from the low of $1,151 to a session high of $1,194.06. Volume remained high, with $6.19 million traded during the period, as shown by the multiple peaks on the chart, according to CoinDesk Research’s technical analysis data model.
The pushback came even as adoption grows. China Merchants Bank International (CMBI) has tokenized its dollar money market fund on the BNB chain, 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, simplified onboarding process for token projects.
While inclusion on the roadmap does not guarantee a listing, the moment marks a rare nod towards the native token of the Binance ecosystem. Previously, BNB’s corporate treasury buildup also received a nod, after it was reported that Hong Kong-listed investment bank China Renaissance was planning $600 million to build a BNB-focused treasury.
David Namdar, CEO of leading publicly traded BNB treasury firm CEA Industries (BNC), told CoinDesk that BNB is a “premier 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 in DeFi,” Namdar said, adding that it is “still overlooked by many Western investors.”
Namdar described BNB as “digital infrastructure capital” 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 closing that gap.”
Even so, BNB is still down 0.38% on the day. Market watchers will focus on whether the $1,150 support level can continue to hold and whether the broader market can provide any relief.
On a macro level, rising trade tensions between the United States and China have kept investors away from risk assets and into safe havens such as gold, which recently surpassed $4,200.
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and were reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s full AI Policy.
