BNB Drops 3.85% After 1.6M Token Burn as Traders Take Profits, Derivatives Stay Bullish

BNB is currently trading at $641.78, reflecting a 3.85% decline over the past 24 hours from a 24h open of $667.47. The recent price decrease can be attributed to profit-taking by spot traders following the 30th quarterly BNB burn, which removed 1.6 million BNB from circulation and initially generated positive sentiment. Despite the burn and ongoing network activity, short-term bearish pressure has emerged as traders locked in gains after BNB approached key resistance levels. Meanwhile, derivatives market participants remain largely bullish, with most positions being long, and network usage on the BNB Chain continues to be strong. BNB maintains its position as a top-five cryptocurrency by market capitalization, with a 24-hour trading volume of approximately $2.1 billion and a current market cap near $89.6 billion, indicating ongoing high liquidity and user engagement despite short-term price volatility.