Why Is BNB Up Today? It’s Back Above $100 Billion and Up 12% This Month

BNB, the token for the Binance exchange, traded at $781 on today's market, having surged 12% over the past month and outpacing Bitcoin's 6% gain and nearly matching Ethereum's 11% increase. BNB's base of holders consists mainly of exchange users with limited leveraged exposure, which limits short-squeeze potential and explains its smaller daily price jump. Binance's Bitcoin reserves reached a two-year high of 693,000 BTC, and a closing above the $800 resistance level could potentially set a new BNB record.