BNB Chain confirmed the completion of its 32nd quarterly burn event, permanently removing 1,595,599.78 BNB from circulation, worth just over $1 billion at current prices. With BNB circulating supply now cut to 139.29 million BNB, bull traders could capitalize on the deflationary pressure to drive prices above the $700 mark.
At press time on Thursday, July 10, BNB BNB $686.1 24h volatility: 2.4% Market cap: $100.06 B Vol. 24h: $1.36 B price surged above the $670 mark, reflecting nearly 2% gains within 24 hours of the token burn announcement.
The 32nd quarterly $BNB token burn has been completed directly on BNB Smart Chain (BSC).
1,595,599.78 BNB has been burned. 🔥
View burn details 👇https://t.co/Zpd8EXfHPE pic.twitter.com/2Ls3peqwyj
— BNB Chain (@BNBCHAIN) July 10, 2025
Historically, BNB price tends to respond positively to major token burns. In addition to the initial bullish price reaction, key trading metrics in the BNB derivatives markets further affirm this optimistic narrative.
Derivatives Markets Show Renewed Capital Inflows
BNB derivatives trading saw a sharp resurgence on Thursday, with daily volume climbing 33.94% to reach $613.7 million. Open interest also rose 1.34% to $781.5 million, signaling a clear return of capital into leveraged markets.
BNB Derivatives Markets Analysis | Source: Coinglass, July 10, 2025
More so, BNB long-to-short ratio across major exchanges reflects a clear bullish bias. On Binance, the ratio of long to short accounts stood at 1.3776, while OKX reported a similar positive outlook at 1.15.
Among top traders on Binance, the long-to-short account ratio was 1.1515, though the position-based ratio remained slightly below parity at 0.9089, suggesting larger players are still cautiously managing exposure despite favorable sentiment among broader retail accounts.
BNB Eyes $700 Breakout Above Key Support
At press time, BNB trades at $676, printing its third consecutive green candle above all major moving averages: the 50-SMA ($656), 100-SMA ($632.79), and 150-SMA ($628.33). This alignment confirms a bullish moving average set-up, hinting at an uptrend continuation.
Similarly, the MACD momentum has also turned decisively bullish. As seen below the MACD line is now above the signal line (5.06 vs. 2.51), while histogram bars are also on the rise. This crossover supports sustained buying pressure could see prices move towards the resistance band between $700 and $720.
BNB Price Forecast | Source: TradingView
If BNB flips $680 into support this week, a near-term breakout toward $700 appears likely. In that scenario, daily close above $710 could activate the next leg higher toward the $740, $750 zone. On the downside, failure to hold $660 may prompt a correction back to the $640 support at the 100-day SMA.
Solaxy Presale: BNB Whales Shift Eyes to Solana’s First Layer 2
With BNB’s burn narrative activating a bullish breakout, investors are also eying Solaxy ($SOLX), Solana’s first Layer 2 chain. The presale has drawn strong attention from multi-chain whales, including BNB holders looking for high-yield diversification opportunities.
Solaxy offers multi-chain compatibility, 71% staking rewards, and seamless scalability, features missing from most existing Solana projects. The project is already preparing for major exchange listings, and users can now visit the official website to claim and stake SOLX tokens using supported wallets.
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