BNB was pushed back down to around 760 after hitting resistance near 800, and many people are calling a top. But I took a look at the data, and price and fundamentals are starting to diverge👇
📌 Tokenized stocks/ETFs on BNB Chain are worth around $1.1 billion, accounting for roughly 30% of the entire sector
📌 Binance’s October 6 Proof of Reserves: BNB reserve ratio of 100.47%
📌 The 37th quarterly burn is expected in mid-October; the previous one (in July) burned around 1.616 million BNB
📌 The zero-fee stablecoin promotion has been extended through October 31
The short-term pressure is real, too:
· Selling pressure is concentrated above 800, and derivatives longs have just been liquidated in a wave
· The Fed meeting minutes come out tonight (early Thursday morning Beijing time). If the tone is hawkish, the broader market could take another hit
Lao Yang’s take: In the short term, watch whether 760 holds; in the medium term, keep an eye on the burn figures. A second attempt at 800 will probably have to wait until both the burn and the Fed minutes are out of the way.
Do you think BNB can break above 800 this time? Share your thoughts in the comments. Follow Lao Yang for an update as soon as the burn data is released.
$BNB $BTC
Not investment advice. You are responsible for your own gains and losses.
📌 Tokenized stocks/ETFs on BNB Chain are worth around $1.1 billion, accounting for roughly 30% of the entire sector
📌 Binance’s October 6 Proof of Reserves: BNB reserve ratio of 100.47%
📌 The 37th quarterly burn is expected in mid-October; the previous one (in July) burned around 1.616 million BNB
📌 The zero-fee stablecoin promotion has been extended through October 31
The short-term pressure is real, too:
· Selling pressure is concentrated above 800, and derivatives longs have just been liquidated in a wave
· The Fed meeting minutes come out tonight (early Thursday morning Beijing time). If the tone is hawkish, the broader market could take another hit
Lao Yang’s take: In the short term, watch whether 760 holds; in the medium term, keep an eye on the burn figures. A second attempt at 800 will probably have to wait until both the burn and the Fed minutes are out of the way.
Do you think BNB can break above 800 this time? Share your thoughts in the comments. Follow Lao Yang for an update as soon as the burn data is released.
$BNB $BTC
Not investment advice. You are responsible for your own gains and losses.