USDEthereum, BNB, and OKB Set Fresh Records Amid Exchange Token Frenzy
Ether tops $4,885 as BNB briefly hits $900 and OKB peaks at $255
Ethereum led the week’s charge with a record surge to $4,885 on August 22, surpassing its 2021 peak and cementing its position at the forefront of the latest market rally. The move followed dovish comments from Federal Reserve Chair Jerome Powell at the Jackson Hole symposium, which triggered a 14–15% spike in the crypto price.
The rally erased more than $259 million in short positions and pushed total Ethereum liquidations above $340 million in a single day, underlining the scale of market activity. Trading volumes soared nearly 95%, briefly overtaking Bitcoin’s turnover, as institutional interest returned with strength. Investors including funds tied to Peter Thiel were reported to be scaling allocations, with analysts noting the Relative Strength Index remained below overheated territory, leaving room for a potential climb toward the $5,000 threshold.
BNB followed closely behind with its own explosive rally, briefly touching the $900 mark before pulling back after setting a high of $882–$883. The surge propelled its coin market cap beyond $120 billion, reinforcing its status among the top five digital assets on the crypto price index. Institutional allocations provided much of the momentum, with Windtree Therapeutics, Nano Labs, and CEA Industries committing hundreds of millions of dollars, while Nasdaq-listed BNC accumulated 325,000 BNB worth roughly $283 million, making it the largest corporate holder.
On-chain activity mirrored the inflows, with weekly active BNB Chain users climbing to 16.8 million, daily transactions doubling to 13.8 million on Tuesday, and active addresses up 33% to 1.6 million. DeFi locked value expanded to $7.8 billion, while Binance Pay added to its real-world utility. Analysts highlighted the technical breakout above the $800 support zone, with experts suggesting the path to $1,000 could be a matter of time given the reduced selling pressure from profitable holder cohorts.
OKB rounded out the week’s rally with a record high of $255.5, fueled by a $7.3 billion token burn that removed 65 million coins from circulation and slashed supply by 93% to just 21 million. The sharp contraction in supply, alongside OKB’s designation as the exclusive gas token for the newly launched X Layer blockchain, pushed demand to unprecedented levels.
Weekly gains exceeded 115%, with intraday jumps as high as 71% during the rally. Trading volume soared 511% to $1.68 billion before later spiking above $14 billion in 24-hour turnover, while the coin market cap rose past $5.3 billion. Futures open interest climbed to $23.21 million, and funding rates turned positive as traders leaned heavily into long positions. Technical indicators painted a picture of overheated momentum, with RSI readings near 90 and analysts cautioning that a retreat toward $200 could precede further upside, with some projecting targets as high as $311 if strength holds.
Together, Ethereum’s record high, BNB’s flash to $900, and OKB’s surge past $255 underscored a shift in the crypto price index, with exchange and ecosystem tokens driving the narrative of fresh highs while Bitcoin consolidated. The moves highlighted the growing role of institutional capital, token utility, and supply mechanics in shaping price action across the market, reinforcing how quickly sentiment can tilt when macro conditions, network growth, and structural scarcity converge.
This article has been refined and enhanced by ChatGPT.
