As part of the quarterly deflationary plan, the BNB chain has destroyed 1,595,599.78 Binance [BNB] tokens worth $1 billion.
According to network information, this is the 32nd burn, with over 60.7 million tokens (approximately $14.2 billion) having been removed.
Since the start of the deflationary plan in 2022, more than 30% of the supply has been destroyed. The circulating tokens now amount to only 139,289,513 million.
BNB's price doubled, but not because of the burn?
Theoretically, reducing supply while demand remains constant or surges would automatically increase the token's value.
To measure the impact of these quarterly burns on the BNB price, AMBCrypto layered the deflation data over the token price to get the complete picture.
As shown, when the burn rate remained below $600 million, BNB's price fluctuated below $400 in 2022.
However, when the burn rate first exceeded $1 billion at the beginning of 2024, the price of BNB also doubled, rising from $300 to $600.
But this pattern does not hold.
Despite BNB having destroyed billions since then, its price has not seen a corresponding increase. For example, the most recent burn in July 2025 (amounting to $1.02 billion) was higher than January's $916 million, yet the price increase has been relatively modest.
So, where is the new demand coming from?
According to DeFiLlama data, the trading volume on DEXs on the BNB chain significantly increased from the end of 2024 to 2025. In fact, it hit a historic high of $170 billion in June, which increased the demand pressure from on-chain users.
Therefore, in addition to the reduced supply, this on-chain traction may also have driven the price movement of BNB. As of the time of writing, BNB is trading at $692, up 15% from the June low.
However, the derivatives market is performing more cautiously.
The options market appears slightly bearish in the short term, with demand for short-term put options (bearish bets) exceeding that of call options (bullish bets).
Meanwhile, the maximum trading volume of put options (in red, long bars) is concentrated at $700, indicating that this is a key resistance level.
Another downside risk level is $660, making it a key level to watch in the short term.
After exceeding $700, the highest bullish volume is at $800. If it breaks through the $700 barrier, it will become a key bullish target.
Overall, the deflationary plan of the BNB chain and its on-chain activities have had a positive impact on the BNB price. $660, $700, and $800 are key price levels to watch in the near term.