Key Insights:
- Binance Coin price rally stalled amid profit-taking after it hit an all-time high.
- BNB staking outflows jumped to $1 billion in the last 30 days.
- Binance Coin has bullish technicals, including its token burn and cup-and-handle pattern.
Binance Coin price pulled back today on July 29, as the recent bull run to an all-time high took a breather. The BNB token plunged to $823, down from this week’s high of $860. So, can it jump to $1,000 as staking outflow jumps to $1 billion and transaction metrics plunge?
Binance Coin Price is in Focus as Staking Outflows Hit $1 Billion
Third-party data shows that one of BNB’s closely watched metrics is deteriorating, even as it hovers at its all-time high. According to Staking Rewards, investors are unwinding their staked BNB assets.
They have redeemed 1 million tokens, currently valued at almost $1 billion, in the last 30 days. Most of this outflow occurred on Tuesday, after BNB price reached a record high.
A possible reason for the staking outflow is profit-taking, as the coin has jumped by almost 30% in the last 30 days.
Another one is that the staking yield, which BNB is offering, is not as attractive as it used to be in the past. It offers a staking APY of 1.24%, which is lower than that of popular coins like Ethereum, Tron, and Solana that yield 2.90%, 3.40%, and 7.5%, respectively.
The other potentially bearish catalyst for the BNB price is that the network’s transactions have plunged this month. The BSC network handled over 386 million transactions in the last 30 days, making it the second most active blockchain after Solana, which processed over 2 billion transactions.
Its transaction count was down by over 48% from the previous month, while its network fees plunged by 30% to $10.3 million.
One reason for the falling fees is that its stablecoin growth has slowed in the past 30 days. While the supply of stablecoin in the network jumped by 5% to $11.1 billion, its address count plunged by 13% to 14.5 million. The number of transactions fell by 32%, while the volume fell by 38%.
Bullish Catalysts for the BNB Price
Binance Coin price still has some bullish catalysts that may push it higher in the coming months. First, there are signs that some companies are starting to accumulate it similarly to how MicroStrategy did with Bitcoin.
In a statement on Monday, CEA Industries, a Canadian vape company, said that it would acquire BNB tokens worth $500 million. It joins other firms like Windtree Therapeutics and Nano Labs that have announced a Bitcoin Treasury strategy.
These purchases are happening as the supply of BNB tokens continues falling because of its token burns.
The other bullish catalyst for the BNB price is that the Securities and Exchange Commission (SEC) may approve a spot BNB ETF soon. Vanck has applied for a spot BNB ETF with the SEC, while 21Shares has applied for an ETP in Europe.
An ETF approval would be highly bullish for BNB as it would lead to more inflows from institutional investors.
Binance Coin Price Has Strong Technicals
The daily timeframe shows that Binance Coin price has strong technicals that could push it to $1,000 in the near term. The most bullish sign is that it has formed a giant cup-and-handle pattern whose upper side is at $793 and the lower side is at $504, or 38%.
Measuring the same distance from the cup’s upper side gives it a target of $1,096. This price level is about 32% above the current level. For this surge to happen, BNB price will need to drop and retest the $793 level, and then resume the uptrend.
Can BNB Price Hit $1000?
Binance Coin price rally has lost steam in the past two days. While the staking outflows are rising and its transactions are falling, it has other bullish catalysts that will push it higher, potentially to $1,000 in the near term.
It has formed a cup-and-handle pattern. It also dominates the DEX industry and is experiencing increased demand from treasury companies.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Crispus is a distinguished Financial Analyst at, bringing over 12 years of expertise in cryptocurrency markets, specializing in Bitcoin and altcoins. Renowned for his sharp insights at the nexus of market trends and breaking news, Crispus delivers actionable analysis to empower investors. His work is prominently featured across leading platforms, including BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com, cementing his reputation as a trusted voice in the financial world.
