BNB Midnight Alert: Life-and-Death Battle at 650 Support Line
While everyone is watching BTC surge towards 70,000, the heart of the Binance ecosystem suddenly stalls—BNB crashes through the critical support of 660 in the early morning, the 24-hour price increase plummets from 8.7% to 3.3%, and 20 million USD long positions vanish into thin air in their sleep!
Three Ominous Signs of Underlying Currents
1️⃣ Institutional Withdrawal Signal
On-chain monitoring detected three whale addresses transferring a total of 380,000 BNB (approximately 250 million USD) after breaking below 670, with Binance's contract BNB holdings dropping by 42%, marking the largest single-day decline since January 2023.
2️⃣ Warning of Ineffective Burning Mechanism
The amount burned in Q2 plummeted by 67% year-on-year, marking the first instance of deflation failure since the BNB burning mechanism was initiated in 2019.
3️⃣ Ecosystem Drain Crisis
Currently, the staking volume of FDUSD in the Launchpool project has exceeded 1.8 billion, but the staking volume of BNB has dropped by 23%, indicating that funds are abandoning the platform token.
Historical Ghosts Reappear
The current daily chart pattern is highly similar to that before the collapse in November 2022:
At that time, BNB dropped from 340 to 204, a decrease of 40%. The current RSI overbought value (78) and MACD divergence perfectly replicate the dangerous pattern.
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