BNB burned over $1B in tokens, cutting circulating supply to 139.29 million.
Open interest surged to $780M, with derivatives data showing strong bullish sentiment.
Price action targets $700, supported by rising volume, MACD crossover, and moving average strength.
Binance Coin — BNB, has tossed more than $1 billion worth of tokens into the flames. And traders are paying attention. In its 32nd quarterly burn, BNB Chain permanently removed over 1.59 million tokens from circulation. That leaves the total supply at just 139.29 million BNB. Within 24 hours of the burn, price jumped nearly 2%, climbing past $670. Momentum has returned. The big question now—can bulls push BNB beyond $700 and kick off a breakout?
https://twitter.com/BNBCHAIN/status/1943217300208755049 Trading Metrics Show Real Strength
BNB’s latest rally isn’t just fueled by hype. The numbers behind the scenes confirm real action. Derivatives market activity surged on July 10. Trading volume rose nearly 34% to $613.7 million. Open interest followed, hitting $781.5 million. That means more traders are locking in positions and expecting price movement. Long-to-short ratios reflect this growing bullish sentiment. On Binance, the ratio hit 1.3776. OKX showed similar strength with a reading of 1.15.
Among top traders on Binance, the account-based long-to-short ratio reached 1.1515. Although position size remained conservative with a ratio of 0.9089, the overall tone points to confidence. Price action supports this optimism. BNB now trades at $676. This marks the third straight green daily candle. More importantly, price sits above key support levels—50-SMA at $656, 100-SMA at $632.79, and 150-SMA at $628.33. That alignment builds a classic bullish structure.
Breakout Incoming or Short-Term Fade?
Momentum indicators also flash green. The MACD line just crossed above the signal line. Current readings sit at 5.06 versus 2.51. Plus, histogram bars are rising. That suggests increasing buying pressure and the potential for sustained movement. If BNB flips $680 into strong support, bulls will target the $700 to $720 zone. A daily close above $710 could lead to even higher levels, like $740 or $750. That kind of breakout would bring fresh eyes and new capital into the market.
But not all signals point up. If BNB slips below $660, short-term bears might test support near $640. That level aligns with the 100-day moving average, making it a key line for bulls to hold. Still, the big picture favors the upside. BNB’s deflationary model reduces supply over time. When paired with rising demand, that creates long-term pressure to the upside. The recent burn adds to that pressure, and traders know it.
Now, all eyes watch $700. BNB completed a massive $1 billion token burn, cutting supply and sparking a fresh rally. Open interest hit $780M as traders returned with bullish momentum. Price now trades above all major moving averages, with the MACD confirming strength. If bulls flip $680 into support, BNB could break out toward $700 and beyond.
