$BNB $BTC $ETH I put together a small table for myself this week, comparing three assets side by side—and the difference turned out to be bigger than I expected.
Since Tuesday (October 6), BTC has fallen 4.2%—from $86,592 to $82,952—amid outflows from spot ETFs and the closing of more than $651 million in long positions. ETH was hit even harder, losing its 50-day EMA and sliding more than 9% for the week. BNB, meanwhile, was almost unchanged over the same period, down 0.5%, while eight of the market’s ten largest coins fell.
The Fed hinted at another rate hike, which weighed on risk assets, and BTC and ETH reacted as they typically do. BNB had its own catalyst: the approaching 37th quarterly token burn and demand via bStocks on BNB Chain, which partly offset the broader outflows.
One detail from Binance’s Proof of Reserves report: over the month, users added 6,217 BTC to their holdings, while reducing their ETH balances by 183,600 and their BNB balances by 334,200 tokens.
An “altcoin with its own narrative” can sometimes be more resilient than BTC during a macro downturn—not always, but this week made the point clearly.
#Bitcoin #Ethereum #BNBChain
Since Tuesday (October 6), BTC has fallen 4.2%—from $86,592 to $82,952—amid outflows from spot ETFs and the closing of more than $651 million in long positions. ETH was hit even harder, losing its 50-day EMA and sliding more than 9% for the week. BNB, meanwhile, was almost unchanged over the same period, down 0.5%, while eight of the market’s ten largest coins fell.
The Fed hinted at another rate hike, which weighed on risk assets, and BTC and ETH reacted as they typically do. BNB had its own catalyst: the approaching 37th quarterly token burn and demand via bStocks on BNB Chain, which partly offset the broader outflows.
One detail from Binance’s Proof of Reserves report: over the month, users added 6,217 BTC to their holdings, while reducing their ETH balances by 183,600 and their BNB balances by 334,200 tokens.
An “altcoin with its own narrative” can sometimes be more resilient than BTC during a macro downturn—not always, but this week made the point clearly.
#Bitcoin #Ethereum #BNBChain