BNB's $130B Surge: Ecosystem Growth Outpaces Ownership Concentration Risks

BNB’s market capitalization surpassed $130 billion on September 13, 2025, eclipsing Chinese automaker BYD in global asset rankings and marking a significant milestone for the token. According to data from 8MarketCap and CoinGecko, BNB ranked as the 167th largest asset globally. This valuation leap reflects strong market activity and signals a broader shift in the cryptocurrency landscape, particularly for the Binance Smart Chain (BSC) ecosystem. On-chain analytics show a concurrent rise in BSC’s total value locked (TVL), which exceeded $12 billion, highlighting the chain’s increased utility and liquidity.

The valuation surge was supported by BNB’s price, which has seen notable growth over recent years. As of September 2025, BNB traded at approximately $882.2, with a circulating supply of around 139.19 million tokens and a capped supply of 200 million. The token’s market capitalization growth was further fueled by a robust destruction mechanism, which has been in place since BNB’s inception and has historically contributed to its value appreciation. Despite the bullish momentum, BNB’s market remains highly concentrated, with the top five addresses holding 55.47% of the circulating supply. This centralization poses liquidity and volatility risks, as large-scale trading activity from major holders could significantly impact the token’s price.

The increased market capitalization of BNB has had tangible effects on the BSC ecosystem. DeFi protocols on the chain, such as Venus and Mirror, have seen heightened activity, with TVL and usage growing in tandem with BNB’s valuation. Additionally, the BSC chain has seen improvements in scalability, including the launch of opBNB—a Layer 2 solution based on the Optimism OP Stack—which has enhanced network throughput and reduced congestion. These developments reinforce the chain’s appeal for developers and users seeking efficient and cost-effective blockchain solutions.

The broader market context also plays a role in BNB’s performance. While BNB’s valuation has grown, no major liquidity shifts were observed from Bitcoin or Ethereum, indicating that the token’s gains have not come at the expense of the leading cryptocurrencies. Instead, BNB’s rise appears to reflect a combination of network effects, ecosystem expansion, and continued adoption within DeFi and cross-chain applications. Analysts have noted that BNB’s ability to maintain strong on-chain metrics, such as daily transaction volume and active addresses, has been a key factor in its sustained growth.

Looking ahead, BNB’s market trajectory remains subject to regulatory and macroeconomic variables. Ongoing legal inquiries, such as the U.S. Securities and Exchange Commission’s (SEC) review of BNB’s initial coin offering, could introduce uncertainty. However, Binance has been proactive in addressing compliance concerns, including plans to publish detailed tokenomics reports by 2025 to provide greater transparency around its supply dynamics. Investors are also advised to monitor the performance of key DeFi and NFT projects on BSC, as their success could further amplify BNB’s utility and demand.