BNB's recent performance is indeed eye-catching, with the price already approaching the historical high of $1,375, and this time there are large institutions backing it. Bloomberg reported that Huaxing Capital is raising $600 million specifically to invest in BNB, which is no small amount. Even more explosive is that Binance co-founder CZ's family office YZi Labs will also participate in the joint investment, and this news has sent the market into a frenzy.
From a technical perspective, the open interest in BNB futures has reached a new high of $2.97 billion, indicating that the derivatives market is very optimistic about it. On-chain data is also very healthy, with the total locked value on the BNB Chain skyrocketing to $9.21 billion, showing a glimpse of ecological prosperity. CZ himself has also spoken out, saying that BNB's strength is due to a strong community and a deflationary mechanism, and emphasized that there are no market makers involved, which can be seen as a reassurance to the market.