As part of its quarterly deflationary program, the BNB chain has destroyed 1,595,599.78 Binance [BNB] tokens worth $1 billion. According to network information, this is the 32nd burn, and more than 60.7 million tokens (about $14.2 billion) have been taken out. Since the start of the 2022 deflationary program, more than 30% of the supply has been destroyed. There are only 139,289,513 million tokens in circulation now. BNB price doubled, but not because of burns? In theory, reducing supply while demand remains the same or surges should automatically increase the value of the token. To measure the impact of these quarterly burns on BNB price, AMBCrypto layered deflationary data onto the token price to get the full picture. As shown in the figure, when the burn rate remained below $600 million, the BNB price fluctuated below $400 in 2022. However, when the burn rate exceeded $1 billion for the first time in early 2024, BNB’s price also doubled, from $300 to $600.   But this pattern does not hold. Although BNB has burned billions of dollars since then, its price has not risen accordingly. For example, the amount of the most recent burn ($1.02 billion) in July 2025 was higher than the $916 million in January, but the price increase was relatively mild. So where is the new demand coming from? According to DeFiLlama, BNB on-chain DEX trading volume grew significantly between late 2024 and 2025. In fact, it hit an all-time high of $170 billion in June, which increased demand pressure from on-chain users.   So, in addition to the supply reduction, this on-chain traction may also have driven BNB’s price action. At press time, BNB is trading at $692, up 15% from its June low. However, the derivatives market is more cautious. The options market is slightly bearish in the short term, with higher demand for short-term puts (short bets) than calls (bullish bets). Meanwhile, the highest volume for puts (red, long bars) is piled up at $700, suggesting that this is a key resistance level. Another downside risk level is $660, making it a key level to watch in the short term.   Beyond $700, the highest bullish volume is seen at $800, which would become a key bullish target if the $700 barrier is breached.   Overall, the BNB chain’s deflationary plans and its on-chain activity have had a positive impact on BNB prices. $660, $700, and $800 are key price levels to watch in the near term.