BNB Soars to Record High – $180M in Liquidations as Traders Get Rekt
Binance Coin just mooned past its previous ATH – and left a trail of blown-up leverage positions in its wake.
Blood in the water: The rally triggered $180 million in forced liquidations as overleveraged degens got their comeuppance. Classic crypto – one person's Lambo dream is another's margin call nightmare.
Why it matters: BNB's surge signals growing institutional confidence in exchange tokens... or maybe just another case of 'number go up' syndrome infecting the market. Either way, the liquidation carnage proves yet again that crypto markets eat the greedy for breakfast.
Between the lines: While the CEX token pumps, DeFi volumes remain stagnant. But hey, who needs decentralization when centralized casino tokens keep printing?
BNB Records New All-Time High Near $830
Data on TradingView shows that BNB’s price reached a new ATH of $827.25 on Sunday, July 27. The BeInCrypto price index indicates that BNB is the biggest gainer among the top 20 cryptocurrencies. As of this writing, BNB was trading for $822.05, registering a modest pull-back.
It follows BNB’s price entry into an expansion phase over the weekend, when it broke above its 2-year resistance level and held strong above it.
Analysts ascribe the surge to rising BNB Chain network activity and companies expressing interest in a BNB treasury. BeInCrypto has reported two so far, comprising WindTree Therapeutics and Nano Labs, with more likely to join the trend.
“BNB Chain network activity is rising, Binance continues to be the #1 exchange, and companies are buying BNB for their Treasury. All this demand is certainly going to push BNB above $1,000 by Q4 and possibly $1,800-$2,000 by cycle top,” wrote one analyst.
Binance founder and former CEO Changpeng Zhao (CZ) recently hailed community and ecosystem support toward the network.
Build and Build. $BNB
Appreciations to all the ecosystem players, BTC maxis, ETH holders, meme traders, ETF applicants, treasury pub cos, good regulators, and utility builders.
pic.twitter.com/5YreSKU7xQ
BNB is now the fourth-largest altcoin, excluding stablecoins, with a market capitalization of $114.61 billion.
Along with BNB’s surge to a new ATH, total crypto liquidations reached $178.04 million, with data on Coinglass showing 77,874 traders were blown out of the water in the last 24 hours. Notably, the largest single liquidation order happened on the Bybit exchange.
Meanwhile, with BNB price ascending to a new ATH, short positions valued at $1.58 million were liquidated, against a modest $21,720 in long positions.
BNB’s breakout to an ATH is backed by strong market activity. Funding rates have flipped consistently positive, suggesting aggressive long positioning.
Open interest has surged past $1.3 billion, signaling rising trader conviction.
Meanwhile, daily trading volume spiked above $5 billion, its highest in months, confirming real momentum behind the rally rather than speculative noise.
