BNB’s market capitalization fell 15.3% quarter-over-quarter to $118.9 billion in Q4 2025, though it retained its position as the third-largest cryptocurrency. Despite the price drop to $863, on-chain activity surged with daily transactions reaching 17.3 million and total fees hitting $100.1 million for the quarter, driven by a major market liquidation event in October.
BNB ended the fourth quarter of 2025 with a circulating market cap of $118.9 billion, a 15.3% decline from the previous quarter. The token’s price decreased to $863 due to market volatility in October.
On October 11, a large liquidation occurred across the crypto market, impacting BNB. The token reached a record high of $1,370 on October 13 before gradually declining but remained ranked behind only Bitcoin and Ethereum.
Deflationary efforts continued with the 33rd BNB Burn on October 27 removing 1.4 million BNB from circulation. This burn was valued at approximately $1.7 billion at an average price of $1,208 per token.
Despite lower prices, BNB Chain recorded robust on-chain metrics. Average daily transactions increased 30.4% quarter-over-quarter to 17.3 million, while daily active addresses rose 13.3% to 2.6 million.
Fee revenue saw a significant increase, with total fees reaching $100.1 million, a 127.3% jump from the previous quarter’s $44 million. This surge was attributed to increased trading, liquidations, and arbitrage demand during the October market event.
The total value locked in BNB Chain‘s DeFi ecosystem dropped 15.2% quarter-over-quarter to $6.6 billion. PancakeSwap remained the dominant platform with a TVL of $2.2 billion, followed by Lista DAO and Venus Finance.
In contrast, real-world assets on the chain surged 228% quarter-over-quarter to $2 billion. USYC accounted for $1.4 billion of this total, while BUIDL represented $502.9 million.
Daily DEX volume on BNB Chain increased by 12.5% to $2.7 billion, making it the second-largest blockchain by this metric. PancakeSwap remained the largest DEX with $1.5 billion in daily volume.
