Binance Coin (BNB) saw a slight gain while the broader cryptocurrency market cooled from its previous week’s uptrend. Whale sentiment remained positive, with a major investor using a lending loop to acquire additional tokens, though BNB spot ETFs have underperformed compared to other altcoin products.
Binance Coin (BNB) traded slightly higher as the broader crypto market cooled from last week’s uptrend. Whale sentiment remained positive, with one large investor borrowing capital to go long on the altcoin.
A whale purchased 8,474 BNB worth approximately $5.90 million and transferred the tokens to Venus Protocol, according to Lookonchain. The whale used a lending loop, depositing the acquired BNB on Venus Protocol to borrow 2.60 million USDT, which was then used to purchase more BNB on Binance.
The BNB ecosystem will activate the Pasteur Hardfork on its mainnet within the next 24 hours. The upgrade is designed to improve BNB’s bridges and validator protections, with BEP-675 allowing builders to fill blocks and increasing throughput.
BNB spot ETFs have been the worst-performing altcoin ETFs so far. The products saw inflows on two of their three days of activity, while on August 21 they recorded $262K in outflows. The cumulative total net inflow stands at $1.19 million.
Price charts showed BNB had broken out of a sideways range in place since June. That range, between $542 and $620, sat below another consolidation between $583 and $688.
BNB traded above $700 but faced resistance at that same zone. The Bollinger Bands have opened since the breakout, indicating a volatile market. The mid-level of the bands sits at $625, a potential reversion point if the broader market corrects.
The MACD remained bullish, though bars have started to fade, suggesting bulls have eased their aggressive buying. Uptrend continuation hinges on BNB staying above $700 and the two consolidation zones. If BNB clears the $700 to $720 zone, next price targets sit around $950 or higher. Otherwise, the altcoin might revisit levels below $690.
