YZi Labs report: CZ's personal holdings of BNB are below 1%, with about 67% held by the public. On October 29, YZi Labs released a latest research report stating that BNB is defined as the core token of the BNB Chain, upgrading from a single platform equity token to a Web3 infrastructure asset, positioned as "the efficient trading engine of the global Web3 economy," distinguishing it from BTC's value storage property and ETH's DeFi infrastructure property. The report points out that BNB has a deflationary model, with approximately 139 million BNB fully circulating, and over 62 million BNB cumulatively destroyed. The holding structure is decentralized: about 67% is held by the public, about 27% is reserved for burning, and CZ's personal holdings are below 1%, which helps reduce centralization and unlocking risks and enhances institutional trust. YZi Labs states that BNB Chain ranks first in the industry in terms of decentralized trading volume, active addresses, and stablecoin active wallets, and is entering mainstream compliant funding channels in the U.S. through BNB-related DAT/ETF, Robinhood, and Coinbase, coupled with CZ's pardon, seen as a key window for BNB's expansion in North America and globally. $BNB {future}(BNBUSDT)

Institutional & derivatives growth According to CME Group, Q3 2025 saw crypto futures and options volumes hit a record (notional futures+options > $900 billion) and average daily open interest reached ~$31.3 billion. The analysis from VanEck points out that the recent pullback in Bitcoin reflects a “liquidity-driven mid-cycle reset,” with leverage normalising and on-chain activity rising. In early October a report noted that global crypto ETFs pulled in ~US$5.95 billion in one week around Oct 4. #Crypto

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