BNB Chain has completed its 37th quarterly token burn after removing 1.646 million BNB from circulation as the network pushes toward its long-term supply reduction target.
The most recent burn on the 21st of October reportedly brought BNB’s remaining supply to 131.51 million tokens, reflecting significant progress towards the 100 million target.
In fact, the network has already completed approximately over two-thirds of its targeted supply reduction.
Beyond this recent supply reduction, exchange activity also highlighted sustained withdrawals, providing another development to BNB’s market picture.
BNB exchange withdrawals extend their streak
BNB registered 11 consecutive days of negative Spot Netflows, maintaining a withdrawal streak throughout the latest trading period, as per CoinGlass analytics.
At press time, the token’s Spot Netflows had reached -$2.35 million, extending the continued movement of tokens away from exchanges.
These sustained outflows highlighted declining exchange balances, which potentially reduced the amount of BNB readily available for selling.
Also interestingly, the 90-day Spot Taker Cumulative Volume Delta (CVD) also highlighted a taker-buy dominance.
Bulls, therefore, maintained control of aggressive Spot executions, an activity that complemented the exchange withdrawal trend. The combination ultimately reinforced BNB’s Spot market outlook, especially following the latest quarterly supply reduction.
Can BNB reclaim $800 after defending support?
BNB’s weekly chart structure highlighted buyers defending the $708.48 support region following a recent rejection around $800, which interrupted its earlier recovery.
The correction followed a sustained rebound from the $550.51 support region, which had previously established a stronger recovery foundation.
Despite the pullback, Binance Coin maintained its position above the $708.48 support, preserving the possibility of another rebound.
Importantly, the weekly RSI meanwhile stood at 55.45, above its signal average of 53.91, favoring the possibility of a recovery attempt.
Furthermore, the Money Flow Index (MFI) also reached 74.39, suggesting strong capital inflows despite the indicator approaching overbought territory.
With Binance Coin trading around $739.55 at press time, preserving the $708.48 support could encourage another attempt to reclaim the $800 resistance.
Final Summary
- BNB’s latest quarterly burn removed 1.646 million tokens as Spot withdrawals continued.
- BNB maintained $708 support, keeping another recovery attempt toward $800 within reach.