Binance Coin (BNB) reached a historic all-time high of $801 during early Asian trading hours on July 23, 2025, continuing a sustained bullish trend. The token surged 16% over the past week and 30% in the past month, pushing its market capitalization to $111.5 billion – equivalent to global giant Nike's valuation.
The rally accelerated after Nasdaq-listed Web3 infrastructure firm Nano Labs disclosed accumulating 120,000 BNB (worth ~$90 million) through over-the-counter purchases at an average price of $707. The company executed an additional purchase of 45,685 BNB at $764 per token on July 22 as part of its strategic reserve initiative. Nano Labs previously announced a $500 million convertible notes deal in June to acquire up to 10% of BNB's circulating supply (currently 139 million tokens).
Former Binance CEO Changpeng Zhao celebrated the milestone, acknowledging ecosystem contributors ranging from "BTC maxis to utility builders." Trading activity surged alongside the price, with daily volume jumping 42% to $3.2 billion and derivatives open interest climbing 19% to $1.23 billion.
Technical indicators reveal overheated conditions despite strong momentum: BNB trades above the upper Bollinger Band with RSI at 87.54. Analysts project potential targets of $850-$900 if bullish sentiment persists, with CoinCodex forecasting $1,100 by November 2025. The move occurs amid broader altcoin strength, with Ethereum gaining 67% monthly and XRP recently hitting its own all-time high.