According to on-chain metrics, BNB climbed to a record high of $1,111 and traded around $1,110 after an 8% jump in the past 24 hours.
Data shows nearly $400 million in positions were liquidated across the BNB market in the last day, with close to $270 million of that coming from short positions and $127 million from long positions.
Liquidations And Short Squeeze
The heavy liquidation figure points to a sharp and fast move that forced leveraged traders out of the market. Short sellers bore the brunt, which helps explain the sudden surge.
Rapid liquidations can push a price higher quickly, and that kind of move often brings extra volatility right after the spike.
The token has gained 17% over the last seven days and has doubled in value over the past 12 months.
Reports have disclosed that trading activity now dominates BNB Chain, and such sudden flows often feed momentum traders and bots.
ATH szn in full swing
1 BNB = $1111 pic.twitter.com/69l8eEPgY3
— BNB Chain (@BNBCHAIN) October 3, 2025
Macro Signals And Rate Expectations
Based on market coverage, broader market forces have also been at play. An unexpected ADP payroll print showed a decline of 32,000 jobs in September versus forecasts calling for a 50,000 gain.
Official US employment data took a timeout amid stoppage of government functions, leaving traders to weigh partial signals. The CME FedWatch tool put the odds at about 97% for a 25 bps rate cut at the October 29 Fed meeting, and it flagged another potential cut at the December 10 meeting.
Those shifting rate expectations appear to have pushed some investors toward assets like gold and cryptocurrencies.
Network Changes And Fee Cuts
BNB Chain’s own moves helped the rally. Validators cut the minimum gas fee from 0.1 Gwei to 0.05 Gwei earlier this week, following prior reductions that moved fees from 3 Gwei to 1 Gwei in April 2024 and then to 0.1 Gwei in May 2025.
Block intervals were tightened from 750 milliseconds to 450 milliseconds, and proposals now aim for per-transaction fees near $0.005 with a longer-term target of $0.001.
Today, all BNB Smart Chain (BSC) validators and builders have adopted the new minimum gas price of 0.05 Gwei and BSC is fully ready to accept transactions at this rate.
That’s ~$0.005 per transaction, making BSC one of the most cost-efficient blockchains in crypto.
What this… https://t.co/qEAHIUHVRI pic.twitter.com/56g86yHgWN
— BNB Chain (@BNBCHAIN) October 1, 2025
Validators say staking APY has stayed above 0.5%, and they argued lower fees help keep trading activity strong. Trading-related transactions reportedly grew from about 20% at the start of 2025 to 67% by June.
Sovereign Interest And Market Positioning
Meanwhile, Kazakhstan’s state-backed Alem Crypto Fund named BNB as its first investment asset. The Ministry of Artificial Intelligence and Digital Development set up the reserve, while the Qazaqstan Venture Group, under the Astana International Financial Centre, manages the fund.
No purchase amount was disclosed. A state-linked decision to hold BNB adds a public-facing validation that could matter to some institutional and regional players.
Featured image from Nicolas Martinez, chart from TradingView
