BNB is now down 11% from its all-time high of $1,370 this week, hitting an intraday low of $1,151.50 before settling near $1,180. Its recent addition to Coinbase’s listing roadmap has failed to help it recover.
The decline triggered more than $630 million in liquidations across more than 210,000 trader accounts as the market turned away from risk.
The token’s 24-hour trading range showed signs of attempting a recovery, bouncing from the low of $1,151 to the session high of $1,194.06. Volume remained high, with $6.19 million traded during the period, as shown by multiple spikes in the chart, according to CoinDesk Research’s technical analysis data model.
The decline occurred even as adoption increased. China Merchants Bank international (CMBI) has tokenized its USD money market fund on 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 reductions 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 does not guarantee a listing, the timing marks a rare nod to the native token in Binance’s ecosystem. Earlier, BNB’s corporate treasury buildup also received a green light, after Hong Kong-listed investment bank China Renaissance reportedly planned to spend $600 million on building a treasury focused on BNB.
David Namdar, CEO of CEA Industries (BNC), BNB’s primary publicly traded treasury company, told CoinDesk that BNB is a “premier digital asset with real adoption, significant 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 almost $10 billion in total value locked on DeFi,” Namdar said, adding that “many Western investors still ignore this.”
Namdar described BNB as “digital infrastructure capital,” noting that institutional interest is growing rapidly outside the United States.
“There is no ETF for BNB, yet institutional demand is growing rapidly. We are filling this gap.”
Nonetheless, BNB remains 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 market as a whole can provide some relief.
On the macroeconomic front, growing trade tensions between the United States and China have pushed investors away from risky assets and toward 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 team for accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
