Modern GPUs have Tensor Cores (TCs) capable of extremely high-throughput matrix operations, yet graph algorithms remain difficult to accelerate because of their irregular and data-dependent execution patterns. This work presents BLEST, a TC-accelerated framework that reformulates Breadth-First Search (BFS) as a bit-level sparse matrix-vector computation while addressing the load imbalance, memory inefficiency, and synchronization overheads that limit prior approaches. BLEST introduces Binarized Virtual Slice Sets (BVSS), a graph representation that partitions work into balanced warp-level units and schedules only frontier-relevant regions of the graph. It further employs an optimized TC layout that maps neighbour checks onto binary MMA instructions without wasted outputs, reducing the number of required MMA calls by 8$\times$ compared with prior layouts. To mitigate atomic and cache bottlenecks, BLEST incorporates a lazy vertex-update scheme. We revisit the switching terminology for BFS and propose a mechanism that dynamically transitions from TCs to CUDA cores when it becomes more efficient. We also extend BLEST to multi-source BFS and closeness centrality workloads. Finally, we introduce a scalable graph reordering method that improves compression for scale-free-like graphs, while using RCM to improve locality for others. Across a broad set of real-world graphs, BLEST achieves average speedups of 22.0$\times$, 7.7$\times$, 8.1$\times$, and 5.9$\times$ over GAP, Gunrock, GSWITCH, and BerryBees, respectively, establishing a new BFS baseline on GPUs. Thanks to its high performance, BLEST can compute the exact closeness centralities of 65.6M vertices in a social network with 3.6B edges in an hour using 100 H100 GPUs.