Beam’s BEAM token rose about 47% from its 29 October close to roughly $0.0049 by 15:00 UTC on 30 October, while bitcoin slipped. In the 24 hours to that point, BEAM futures volume on Binance was $186.0 million, against $22.8 million of spot trading.
Neither Beam’s X account, Binance’s announcement page nor Upbit’s notice list carried an announcement about the token that morning. Beam’s only post was a short reply at 03:40 UTC to an Avalanche post about the JPYC yen stablecoin. The trading data show where and how BEAM moved. They do not show who bought or why.
Where the BEAM buying happened
The climb began at 03:41 UTC. Within a few minutes, Binance spot, Binance futures and Upbit’s won market all began to move, and the prices on Binance and Upbit then rose almost in step.
Upbit’s BEAM/KRW pair was the biggest single market for the token over the 24 hours, with $57.8 million traded, or 31.3% of the total, according to CoinGecko’s market table. Binance’s BEAM/USDT pair came next at $26.0 million, then Binance’s Turkish lira pair at $10.3 million and Bybit at $7.4 million.
Upbit’s hourly volume shows how fast it built. In the 03:00 UTC hour the won pair traded about 60 million won. By 05:00 that was 3.2 billion won. Eight hours later it hit 10.9 billion.
BEAM futures volume ran eight times spot on Binance
A futures contract lets a trader bet on the price with borrowed money, without owning the coin. On Binance the BEAM contract changed hands to the tune of $186.0 million over 24 hours. Spot trading of the actual coin was $22.8 million, so BEAM futures volume ran at about eight times spot.
At 13:00 UTC, the peak hour, BEAM futures volume was $28.3 million. Spot did $2.8 million.
Open interest counts the money still sitting in open futures positions. At 02:00 UTC it was $14.0 million. Twelve hours on, it stood at $25.9 million, about 85% higher. Funding, the fee longs and shorts pay one another, held at 0.005% per four hours the whole way.
What BEAM looked like before the jump
On CoinGecko, BEAM sits 149th by market value, $246.8 million. Count every token that will ever exist and the figure is $282.0 million. Most of the supply is already out there, 50.3 billion of 57.5 billion tokens, or 87.5%. Its record price is $0.0442, from 10 March 2024. Today’s is roughly 89% lower.
For 12 days, 18 to 29 October, BEAM stayed between $0.002707 and $0.003563 on Binance spot. It closed 29 October at $0.003338. Then the 30 October candle broke out, hitting $0.005300, its highest in 90 days. Over 30 days the token is up about 149%.
The relative strength index, a 0 to 100 gauge of how quickly a price has risen, read about 80 on the daily chart and about 73 on the hourly one this afternoon. Readings above 70 are usually described as overbought.
A move that did not follow bitcoin
Bitcoin was lower over the same day, in the sell-off after the Binance hack. BEAM’s hourly returns have tracked it weakly, with a correlation of 0.13 over seven days and 0.17 over 30 days. A reading of 1 would mean the two move in lockstep. For anyone holding or watching BEAM, the record so far is price, venues and positioning, with no announcement behind the move.
The site covered a similar futures-heavy rise earlier this month in iExec RLC. CoinGecko had BEAM on its trending list that day, among the top 15.
Two price paths for BEAM
A one-hour close above $0.005300, the high of 30 October, would take BEAM to a price it has not traded in 90 days, so there is no earlier level to name above it. That path ends if a one-hour candle closes back under $0.005274.
The other way, a one-hour close under $0.004546, the low of the 10:00 UTC candle, points to $0.004422 and then $0.004186, the lows of the 09:00 and 08:00 UTC candles. A close back over $0.004569 cancels it.
