BNB Chain has completed its 37th quarterly token burn, removing 1.646 million BNB from circulation as the network continues its long-term supply reduction effort.
The burn, executed on October 21, brought BNB's remaining supply to 131.51 million tokens, according to the source. The network is working toward a target of 100 million tokens and has now completed more than two-thirds of its targeted supply reduction.
Exchange withdrawals continue
Alongside the supply reduction, exchange activity showed sustained withdrawals. BNB registered 11 consecutive days of negative spot netflows, according to CoinGlass analytics cited by the source. At press time, spot netflows stood at -$2.35 million, extending the movement of tokens away from exchanges.
These outflows indicate declining exchange balances, which could reduce the amount of BNB readily available for selling. Additionally, the 90-day spot taker cumulative volume delta (CVD) highlighted taker-buy dominance, suggesting bulls maintained control of aggressive spot executions.
Price defends $708 support
On the weekly chart, buyers defended the $708.48 support region following a recent rejection around $800, which interrupted an earlier recovery. The correction came after a sustained rebound from the $550.51 support region, which had previously established a stronger recovery foundation.
Despite the pullback, BNB remained above the $708.48 support, preserving the possibility of another rebound. The weekly relative strength index (RSI) stood at 55.45, above its signal average of 53.91, favoring a recovery attempt. The Money Flow Index (MFI) reached 74.39, suggesting strong capital inflows despite approaching overbought territory.
With BNB trading around $739.55 at press time, holding the $708.48 support could encourage another attempt to reclaim the $800 resistance.
