BEAM experienced a sharp decline after a brief price increase that followed a token burn of 984 million stolen BEAM. The burn was carried out after a Binance hack that resulted in the theft of the tokens, preventing the attacker from selling them.
Price movement
The burn reduced the token supply and pushed BEAM to a high of $0.0063. The rally was short‑lived; the price later fell below $0.005, reaching a low of $0.0048 and trading around $0.0049 at the time of reporting, down about 15% on the daily chart.
Market sentiment
Spot market data showed sell volume exceeding buy volume for the first time in four days, with sell volume at 508 million and buy volume at 459 million, resulting in a negative buy‑sell delta of –48 million. In the derivatives market, open interest dropped 25% to $14.4 million and volume fell 22% to $75 million, indicating reduced participation and a shift toward risk‑off sentiment.
Technical indicator
The Relative Strength Index moved from overbought levels to 68, suggesting weakening buying pressure as sellers regained control.
Outlook
Continued selling could push the price toward $0.0033, while a recovery above $0.005 and a close above $0.0057 would be needed to reverse the bearish trend.
