BNB Surges Past Two-Month High Amid Crypto Market Recovery

Binance Coin (BNB) has reached a two-month high of $620, but its growth is being tested by resistance at the 200-day moving average. As a proxy for trading activity in the crypto market, BNB's uptrend suggests a shift in sentiment.

The rise of BNB comes as Bitcoin's role in the market has been temporarily distorted due to institutional selling. Large addresses are building up their positions, with a six-month high of 90 addresses holding over 10,000 BTC. However, this growth is being offset by declining balances in small wallets.

CryptoQuant notes that long-term Bitcoin holders continue to sell, despite several spikes in inflows into this category. This trend suggests that some investors are taking profits as the market recovers. Meanwhile, Keel Infrastructure (formerly Bitfarms) has decommissioned its US mining facilities and is converting them into AI data centers.