Binance Coin (BNB) surged to $770 on Saturday, its highest since early February, gaining over 6% in 24 hours and widening its market-cap lead over XRP. The rally followed a market rejection on Friday, yet BNB’s defiance is attributed to external catalysts: Kalshi’s launch of regulated perpetual futures for BNB in the U.S., and a Grayscale report highlighting BNB Chain’s role in tokenized equities. Kalshi’s perpetuals, capped at 4.5x leverage, are available to eligible U.S. traders and include BNB Smart Chain integration. Meanwhile, Grayscale data shows tokenized equity weekly spot volume peaked near $3 billion in August, with BNB Chain among the top networks for such trading.
BNB touched $770 for the first time since early February, driven by specific developments rather than broader market trends. The asset traded at $725 on Friday alongside a market-wide revival that pushed Bitcoin to $82,400, but a subsequent retracement following the strong U.S. jobs report drove BNB down to $710. It found solid support there and surged to $770 minutes ago.
This Saturday’s rally is unexpected, as most of the market remains in the red after yesterday’s bad news for risk-on assets. The reason for BNB’s defiance likely comes from outside factors, such as Kalshi’s move to launch perpetual futures contracts for the asset in the U.S., regulated by the Commodity and Futures Trading Commission. Leverage is capped at around 4.5x for eligible U.S. traders, and Kalshi also supports BNB Smart Chain integrations for managing deposits and withdrawals on international accounts.
Another probable reason comes from a Grayscale report cited by Wu Blockchain. The report explains that BNB Chain is among the most widely used networks for trading tokenized equities. The paper reveals that the weekly spot volume peaked at almost $3 billion in August, while only 5% of the market is currently deployed in on-chain finance. Robinhood Chain leads the pack, followed by BNB Chain and Solana.
Grayscale explained that further U.S. regulatory clarity could “expand tokenized stocks from global, around-the-clock trading products into productive on-chain financial assets.”
