BNB Week: 37th Burn Removes $1.2B of BNB as Price Holds Its Range

BNB’s range trade this week saw a small move to the upside courtesy of a larger than usual burn. BNB’s 37th quarterly burn on 19 Oct removed 1,646,196 BNB, about $1.2B, from circulation. The last burn in July removed 1,615,827 BNB, about $932M, from circulation. BNB closed at $730.50 on the 14th and closed at about $741 on the 20th, up about 1.4%. The lowest close was $718.10, on the 17th. BNB Chain published the Jenner hard fork details and BNB Standard named a CEO.

Prices are UTC day closes (Investing.com, matched with CoinGecko and CoinLore within about 0.1%). Last week’s 14 Oct close was provisional. The final close was $730.50, down 1.51%.

15 Oct: $729.80, down 0.10%

No BNB-specific trigger reported.

16 Oct: $721.50, down 1.14%

This was the largest daily drop of the window. No BNB-specific trigger reported.

BNB Chain released BSC v1.8.1, the build for the Jenner hard fork.

17 Oct: $718.10, down 0.47%

This was the lowest close of the window, about 1.7% below the close on the 14th.

18 Oct: about $722.7, up 0.6-0.7%

This close comes from CoinGecko and CoinLore, which agree within 0.05%. Investing.com’s 18 Oct row is incomplete.

19 Oct: about $731.5, up 1.2%

The 37th quarterly burn was completed.

BNB Standard (BNC) named Alex Odagiu CEO.

CoinCentral noted the burn did not cause a large rally.

20 Oct: about $741, up 1.3%

This was the highest close of the window.

VanEck’s VBNB reported 132,403 BNB held.

Wednesday 21st Oct

There is no final close in any of the sources I have access to. According to CoinGecko, BNB was around $740, with a 24-hour range of $739 to $751.

37th quarterly burn (19th Oct)

1,646,196.44 BNB were burned, worth approx. $1.197 billion (BNB Chain).

This is 30,368.6 BNB more than the 36th burn (1,615,827.795 BNB, approx. $931.7 million, on 15th July), a 28.5% increase in dollar terms. The burn is about 1.24% of the supply before the burn.

The total supply is now 131,512,085 BNB, as at 10:05 UTC on 19th Oct, meaning 31,512,085 BNB are left to burn to reach the target of 100 million.

The Auto-Burn formula sets the amount from the price and the number of blocks produced in the quarter. It is not a buy-back.

US spot BNB ETFs

VanEck’s VBNB is the only one that I can find that is trading, so there is no top 5.

As of 20th Oct, net assets were $97.6M (VanEck).

They hold 132,403 BNB, 96.19% of which is staked, and have a 0.39% expense ratio. VBNB began trading on 28th May. Last week’s report stated 132,787 BNB were held.

Grayscale’s GBNB has been filed, but I find no evidence of a launch.

Top BNB Treasury Companies

Only 3 are tracked, not 5. Combined, they hold 686,076 BNB, which is approximately 0.52% of the total supply (CoinGecko).

BNB Standard (BNC): approximately 515,000 BNB

Nano Labs (NA): approximately 128,000 to 130,000 BNB (trackers differ)

The Brooker Group: approximately 43,000 BNB

BitcoinTreasuries adds Boyaa (about 1,900 BNB) and BTCS (about 167 BNB), which are too small to matter.

BNB Standard appointed Alex Odagiu as their CEO on 19th Oct. He was formerly their interim president. They will ring the Nasdaq opening bell on the 26th Oct. They plan to run a BNB Chain validator.

BNB Chain Updates

Jenner Hard Fork: BSC v1.8.1 was released on 16th Oct (mandatory for testnet node operators). The release notes include:

CAS20 (BEP-702), a native token standard for stablecoins and tokenised assets, which is still in draft. Upgrading the node does not enable token creation.

BEP-703 Payment Lane, which reserves 5% of block gas by default for eligible payments.

BEP-706, a precompile that exposes millisecond timestamps.

Chapel testnet: The fork goes live on 29th Oct at 2:30 AM UTC. The v1.8.1 release states mainnet is not scheduled, however, reports point to late November.

NewL1: Coverage on 20th Oct restated the targets for BNB Chain’s planned new Layer 1. They are 100k+ TPS, sub 50ms pre-confirmation and sub 1 sec finality, with testnet release by end 2026 and mainnet release in early 2027. These are design targets and not measured performance. The plan was first announced in July.

BNB Supply and Holdings

There are 131.51M BNB in circulation. 31.5M BNB need to be burned to hit the 100M burn target.

Public companies hold approximately 0.52% (686,076 BNB) and VBNB holds approximately 0.10% (132,403 BNB). Binance and YZi Labs holdings are not public, and retail holdings cannot be measured.

Max Supply: CoinGecko shows 200M and CoinMarketCap shows the current supply, so sources are not aligned.

What it Means

The support is the $718 close on 17th Oct and resistance is the $741 close on 20th Oct.

BNB has been ranging with small moves while the supply has reduced by approximately 1.2%.

VBNB is about 96% staked, the treasury sector is progressing steadily, and the Payment Lane and CAS20 are a step closer to the testnet.

Up next: the BNC bell on 26 Oct, the FOMC meeting on 27-28 Oct, and the Jenner testnet on 29 Oct.

Data and sources: Prices on Investing.com, CoinGecko and CoinLore, the burn from BNB Chain’s notice (via Blockonomi and The Industry Spread), ETF data from VanEck, treasuries from CoinGecko, The Block, BitcoinTreasuries and BNB Standard’s releases, software details from the BSC GitHub, TokenPost and CryptoSlate.