19 September 2025

Every now and then, the market reminds us that round numbers matter. Bitcoin is still flirting with $115K, Ethereum is steady at $4,300, but this week it was BNB’s turn to steal the spotlight. It broke past the four-digit barrier for the first time. The token didn’t just tiptoe over $1,000; it rang the bell, posed for pictures, and settled just under the mark. With record on-chain activity, big institutional moves, and even some CZ comeback chatter in the mix, BNB has everyone asking: is this just a milestone, or the start of a new chapter?

BNB touched a new all-time high above $1,000 today, briefly printing $1,005 before settling just under the four-digit mark. The move flips SOL and puts BNB firmly as the #5 asset by market cap, capping a ~10–12% weekly rise. Price strength follows months of record network usage, a fresh institutional narrative, and a deflationary burn schedule. With futures positioning at cycle highs and on-chain activity elevated, BNB now trades at a level where policy headlines, stablecoin flows, and exchange revenues can swing price quickly-up or down.

In today’s Hot Take, we unpack the drivers, what the data says, and how these could play for the token and ecosystem.

Top-3 stories of the week:

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The newsletter is put together by Giottus Crypto Platform. You can read all the previous issues of Cryptogram here.

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WEEKLY MACROS

• Total crypto market cap - $4.08 trillion - UP 1.7%    

• Bitcoin price - $116,852 - UP 1.3%

• The dollar index (DXY) - 97.49 - DOWN 0.1%

• Bitcoin Dominance - 57.88% -  DOWN 0.3%

• Crypto Fear and Greed Index - 53 - Market is in Neutral State

THE HOT TAKE

BNB’s surge: Where the force

BNB’s surge isn’t happening in a vacuum. Several factors have contributed to this unprecedented rally.

CZ return chatter lifts sentiment 

Speculation around a possible CZ comeback has added fuel to BNB’s rally. The Binance co-founder stepped down in 2023 amid a U.S. DOJ settlement, but fresh social media chatter suggests he could rejoin in some advisory capacity if compliance constraints ease. There is no official confirmation, yet CZ’s outsized brand and operational imprint still shape investor perception. For many holders, even the prospect of his involvement raises confidence in execution, governance continuity, and the durability of BNB’s growth story.

Institutional Tailwind

The breakout extends a run that accelerated last week when BNB set a then-record near $907, helped by news of a Franklin Templeton digital-asset tie-up that lifted institutional interest. Additionally, in August, Nasdaq-listed B Strategy unveiled plans to raise $1B through a new treasury vehicle backed by YZi Labs. The fund will not only accumulate BNB as a core holding but also channel capital into projects across the BNB ecosystem, signaling institutional conviction in its long-term growth.

On-Chain and Trading Metrics Are Exploding: 

Behind the headlines, the BNB Chain itself is buzzing. The network now sees millions of users and transactions every day. In early September, daily active users on BSC alone averaged ~2.3 million (with another 2.06 M on opBNB). Over the week of September 4–10, the chain logged ~81.4 million total transactions, which implies on the order of 10–15 million transactions per day (peaking ~13.7 M on one day in mid-September). In other words, BNB Chain is processing roughly 10× as many daily transactions as Ethereum.

User adoption is massive: 

Over 640 million unique addresses have used BNB Chain (a ~34% jump from a year ago). That vast on-chain activity is showing up in trading volumes too. On-chain trading on BNB’s decentralized exchanges has set records: May saw $178.2 billion in total DEX volumeainvest.com – easily dwarfing Ethereum’s $70B and Solana’s $96B in the same monthainvest.com. Even in early September the chain put through $48.8 billion in weekly trading.

Whale and Institutional Accumulation

Smart money has piled in too. On-chain indicators show a 15% jump in the number of wallets holding ≥10,000 BNB. Glassnode data confirm that large investors (“whales”) have been scooping up BNB steadily. 

• Binance’s own BNB Network Company (BNC) announced a purchase of 200,000 BNB (~$160 million) in August, with warrants to buy another ~$1.25B.

• In the broader market, windtree and Liminatus have committed to purchase and hold BNB, totaling more than $1.2 billion in disclosed reserves. 

These moves remove coins from circulation and anchor price floors. 

Additionally, VanEck’s SEC filing for a BNB ETF (the first of its kind) and rumors of other Wall Street firms eyeing BNB products amplify the momentum.

Key Takeaways and What’s Next

BNB’s breakout has legs, but it’s not bulletproof. The $918–$920 area is the make-or-break pivot. If BNB holds above ~$920 on consolidation and on-chain usage keeps climbing, the rally should extend toward higher targets (analysts point to $1,200+, even $1,300–$1,400 with strong momentum). 

Crucially, watch network data: rising active addresses and DEX volumes would confirm genuine demand. Keep an eye on macro/reg policy too: any uptick in Fed hawkishness or Bitcoin selling could spill over into altcoins. On the upside, further regulatory clarity (e.g. finalizing the Binance-DOJ settlement) or a greenlight on BNB financial products could serve as fresh catalysts. 

Key technical levels ($900–$920 support, $1,200 resistance) and on-chain indicators (transactions, TVL, whales’ BNB balances) will be the metrics to watch. If those hold positive, BNB’s new highs may only be the beginning.

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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.