BNB Holds Near $1,190 as China Merchants Bank Tokenizes Fund on BNB Chain

BNB traded at $1,200 on Wednesday, down 0.5% after sliding from a new all-time high that came after a market-wide liquidation event erased roughly $500 billion from the crypto market.

The token, which is the native token of the BNB Chain and can be used to pay of trading fees on Binance, rebounded from lows near $1,145 to highs around $1,237, suggesting buyers remain active despite ongoing macroeconomic uncertainty.

BNB Chain sought to shore up confidence through a $45 million airdrop initiative with PancakeSwap and Trust Wallet, rewarding active community members to encourage trading activity. Binance itself announced a $400 million “Together Initiative,” which it pointed to as an initiative to rebuild user confidence.

Binance’s stablecoin reserves, meanwhile, climbed to $44.6 billion, up more than $3 billion since the month started, indicating that investors are keeping funds on hand rather than leaving the market altogether.

At the same time, China Merchants Bank International (CMBI) tokenized its USD money market fund on the BNB Chain, issuing two tokens, CMBMINT and CMBIMINT, for accredited investors via DigiFT and OnChain.

BNB’s corporate accumulation has also been ongoing. Earlier, Hong Kong-listed investment bank China Renaissance was reported to plan a $600 million raise for a publicly traded crypto treasury focused solely on BNB.

BNB’s recent trading shows a solid floor forming between $1,190 and $1,195, where buyers consistently entered during pullbacks. This area has acted as dependable support, absorbing selling pressure and preventing deeper losses, according to CoinDesk Research’s technical analysis data model.

On the upside, resistance has developed around $1,215 to $1,220, which has halted multiple breakout attempts but not reversed the broader recovery trend.

Trading volume during the rebound more than doubled its 24-hour average, confirming that demand returned quickly after the liquidation episode.

Volume has since thinned near the upper range. This kind of consolidation often precedes continuation, hinting that BNB could attempt another push higher if overall sentiment remains steady.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.