After the crypto market’s $500 billion value destruction, BNB stood out as an outperformer with a swift recovery to a new all-time high above $1,350. That period appears to be over, as it plunged nearly 6.5% in the last 24 hours.
In comparison, bitcoin is down 1.9% in the same period, while the broader crypto market, as measured by the CoinDesk 20 (CD20) index, is down 2.9%. BNB’s underperformance could be linked to profit-taking and portfolio rebalancing.
BNB fell from $1,286 to $1,165 as the crypto market stages a fragile recovery from the sharp sell-off. Around $16 million worth of BNB positions have been liquidated in the last 24-hour period over the sell-off, according to CoinGlass data.
To blunt the impact on retail users, BNB Chain announced a $45 million fund aimed at stabilizing the market and supporting more than 160,000 affected traders.
Market maker Wintermute noted the sell-off was tightly synchronized and tested perpetual contract trading platforms’ limits. It added that the “violent price movement quickly led to liquidity disappearing from the broader market.”
Still, corporate accumulation of BNB has kept on going. Hong Kong-listed investment bank China Renaissance is aiming to raise $600 million for a publicly traded crypto treasury focused solely on BNB.
The vehicle, to be based in the U.S., would represent one of the largest public bets on BNB to date. It would join other listed entities like CEA Industries, which recently raised its BNB holdings to 480,000 tokens.
The deal is reportedly being backed by YZi Labs, the $10 billion family office of Binance co-founder Changpeng Zhao, who recently hosted an invite-only investor dinner in Singapore to promote BNB-centric investing.
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