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BNB breaks $700, yet bulls are still hesitant – Here’s why!
BNB’s slow-and-steady breakout has finally seen the cryptocurrency break above the $700 mark after two failed Q2 rejections. However, despite this milestone, bulls seem hesitant to fully commit to the rally.
The reason for this reluctance lies in BNB’s underperformance compared to other top altcoins. While major players have rallied 20% or more over the same period, BNB has merely notched a 10% gain since the start of July. This divergence is concerning, as it may be an indication that capital is rotating into higher-beta plays.
AMBCrypto notes that this weakness in BNB’s price action could define its role in the altcoin structure heading into the second half of the year. Can BNB still win the long game? The answer lies in recent data from DEX flows and solid token economics, which have underpinned the cryptocurrency’s recent move.
Furthermore, institutional interest is being drawn to BNB due to strong on-chain momentum. Windtree Therapeutics has announced plans to raise $200 million to build a BNB treasury, marking a potential first step into Wall Street exposure for the cryptocurrency.
Despite these positive developments, large holders of BNB are lightening up into strength, with wallets holding over 10k BNB hitting a near three-month low. This could be an indication that institutional investors are not yet convinced to fully commit to the rally.
In contrast, other top altcoins are seeing significant buying pressure from whales and retail investors alike, pushing their prices higher by double-digit percentages. Solana (SOL) has seen a notable increase in large wallet activity, with address counts returning to early Q1 levels and price soaring 20% alongside.
If this divergence persists, it risks BNB being sidelined at resistance while higher-beta alts lead the next leg up.
Source: ambcrypto.com
