BNB surged past $770 on Saturday, its highest level since early February, after Kalshi launched CFTC-regulated perpetual futures on the token. A Grayscale report also points to rapid growth on BNB Chain for tokenized-equity trading.
BNB touched $770 for the first time since early February, surging by over 6% in the past 24 hours. The move came on a quiet Saturday, even as most of the market stayed in the red following Friday's sell-off.
BNB breaks out after a rough Friday
The token traded at $725 yesterday during a market-wide rebound that pushed bitcoin to $82,400. However, a strong US jobs report triggered a retracement, and BNB slid to $710. It found support there before reversing and running to $770 minutes later.
Kalshi adds regulated BNB futures
Behind the move is likely Kalshi's move to launch perpetual futures contracts for BNB in the US, regulated by the Commodity and Futures Trading Commission. The new contracts cap leverage at around 4.5x for eligible US traders.
Kalshi's listing follows the platform's earlier addition of perpetual futures support for other altcoins, including ADA, AAVE, WLD, and VVV. It also supports BNB Smart Chain integrations for managing deposits and withdrawals on international accounts.
Chain growth adds to the case
The other likely driver is a Grayscale report cited by Wu Blockchain, which finds BNB Chain is among the most widely used networks for trading tokenized equities. The report shows weekly spot volume on these networks peaked at almost $3 billion in August, while only 5% of the market currently sits in on-chain finance. Robinhood Chain leads the category, followed by BNB Chain and Solana.
Source: CryptoPotato
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