The smallest group on the book and the second-highest turnover, with all five names hit

TL;DR

This is the smallest of the 20 groups by market cap, the second-highest by median turnover, and not one of its five names escaped the 30-day column.

• Combined market cap $4.67M, smallest of the 20 groups (the next smallest is pharma and consumer at $6.92M). Combined volume is $11.23M — 0.4% of the book by value, 1.3% of it by volume.
• Aggregate turnover 2.4053x, 3.63 times the book rate of 0.6625x; median member turnover 2.587x, second-highest of the 20 groups (the single-stock 2x group is 2.601x).
• Four of the five rank in the top 16 of the book by turnover: ALABB 3rd, DELLB 9th, PENGB 14th, STXB 16th. The second piece, the denominator trap, already put the 5.109x of ALABB in the book top five — what is new is not that one figure, it is that three of its neighbours are in that top 16 too.
• All five are down more than 20% over 30 days (−21.36% to −33.10%), something only 46 of the 100 instruments managed; four sit below the 20% mark in their own range against a book median of 22.4%.
• The counter-example is GLWB. It is the only member listed more than 100 days (117), ranks only 37th by turnover, has the shallowest 30-day fall in the group but the deepest distance from its high at −39.0%, and a range width of 1.770x almost exactly equal to the mature common-stock median of 1.768x. It looks nothing like the other four in any column.
• PENGB has been listed 19 days, so its "30-day" −33.10% covers at most 19 days.
• This snapshot cannot produce a premium. No underlying reference price, no dividend-reinvestment multiplier.

1. What these five are

bStocks is the in-house tokenized-equity issuer of Binance (BTech Holdings Limited, ADGM / FSRA listed certificates, BNB Chain only, traded on Binance only). CoinMarketCap reports 105 instruments; the snapshot behind this piece holds 100 of them, timestamped 2026-10-31T06:06:52Z.

All five underlyings sit on one supply chain: hard drives, systems and servers, memory and storage systems, the connectivity silicon inside a data center, and optical materials and glass substrates. Together they hold $4.67M, 0.4% of the book total of $1,318.38M, and do $11.23M of volume, 1.3% of the book total of $873.46M.

All five market caps are below the book median of $2.39M, and four are below $1M. Of the 100 instruments, 61 sit below $5M and 33 below $1M — this group puts 4 names in that last bucket.

2. The smallest of the 20 groups by market cap

This is the smallest of the 20 groups by market cap and sits comparatively high by volume. It is 0.4% of the book by value and 1.3% by volume, so its volume share is 3.6 times its market-cap share; against the rest of the book, the other 95 instruments aggregate to 0.6563x and this group is 3.66 times that.

Median member turnover of 2.587x ranks second of the 20 groups, behind only the single-stock 2x group at 2.601x — and the high turnover there was the denominator effect the second piece took apart specifically; the cause here is different (see the end of section 3).

3. A whole group near the top of the turnover list

Four of the top 16 instruments on the book by turnover belong to this group. The full top 16 is INTWB, MRNAB, ALABB, SNXXB, UVXYB, RDDTB, CRDOB, SHAZB, DELLB, USDEB, QNTB, FWDIB, MVLLB, PENGB, CRWDB, STXB — this group fills slots 3, 9, 14 and 16, the only group on the book contributing four members to that list.

The second piece, the denominator trap, already placed the 5.109x of ALABB in the book turnover top five (INTWB 38.460x, MRNAB 10.307x, ALABB 5.109x, SNXXB 4.169x, UVXYB 3.732x), so that one figure is not new; what is new is that three of its neighbours are in the same top 16. One instrument turning over fast can be coincidence; four of five in the top 16 is not.

The ALABB row deserves its own look: 84th by market cap, 37th by volume — 47 places apart. It does $3.44M of volume on a $673.6K market cap, which is 0.39% of all book volume against 0.05% of all book market cap.

A note on the measure, and it matters more here than anywhere. Turnover is 24h volume divided by market cap, so a small denominator inflates it. All five market caps here are below the book median of $2.39M, so these high turnover numbers are first of all a small-denominator effect. Do not read it as "this is the most liquid group" — the absolute volumes run $1.28M to $3.44M, while the top five by absolute volume on the book start at $47.99M. What can be said is narrower: for their own size, these five instruments are traded unusually often.

4. Not one of the five escaped

Of the 100 instruments, 82 are negative over 30 days, median −16.71%, 46 down more than 20% and 26 down more than 30%; the median distance from the high since listing is −27.1%, with 43 below −30%; the median position in range is 22.4%.

All five are down more than 20% (only 46 instruments on the book are) and two more than 30% (26 on the book). All five sit deeper below their highs than the book median of −27.1%, and four are below −30%. Four are below the book median position in range of 22.4%, and the 6.8% at ALABB puts it inside the lowest 26 on the book.

The consistency holds inside identical windows too. The five are spread across five different listing cohorts; their 30-day rank inside each:

All five sit in the bottom half of their own cohort and two are the worst in theirs. So this is not an artifact of comparing across cohorts.

But this group is not the epicenter. Eighteen instruments on the book fell further than the −33.10% at PENGB, including INTWB −78.03%, SNXXB −61.18%, SHAZB −58.17%, SOXLB −51.90%, MVLLB −51.66%, KORUB −49.66% and IRENB −42.42% — the worst-hit cohort is mostly leveraged ETFs and names from a crypto narrative, not this group. What characterizes this group is not depth, it is uniformity: all five land in the same band, where most listing cohorts contain both winners and losers.

Discount the PENGB row. It has been listed 19 days, so its "30-day" −33.10% covers at most 19 — see point four in section 8. That does not make it look better: it covered in 19 days what took the others 30. But it genuinely cannot be put on the same axis as the 117 days of GLWB.

5. Counter-example: GLWB is different in every column

The table above invites "this group behaves as one". Pull GLWB out and that claim loses half its force.

The range width of GLWB at 1.770x is almost exactly the median of 1.768x across the 28 common stocks listed 100 days or more. In other words, the only member of this group with a full window has the volatility range of an entirely ordinary common stock; the 1.563x to 1.651x of the other four are narrower, and their windows are 19, 60, 88 and 95 days.

That is the half of section 4 contributed by the window. The longer an instrument has been listed, the easier it is to print an extreme — so:

• "Range widths in this group cluster tightly between 1.56 and 1.65" cannot be said, because that is four short windows plus one long one, and the long one happens to be the widest.
• "This group sits deeper below its highs than the book" can be said, but note that the −39.0% at GLWB is built out of 117 days of history, so its high is considerably older than the highs of the other four.

There is a second counter-example, this one against section 3: the highest-turnover name is not the most volatile one. The range width of ALABB at 1.595x ranks only 7th of the ten names in its own cohort:

Six of the ten names that listed the same day, with an identical window, have wider ranges than ALABB, whose turnover is 3rd on the whole book. So "high turnover means high volatility" does not hold here — the two measure different things: how many times the float changed hands, and how much ground the price covered.

6. Structure: what these five tokens actually are

All of it from the issuer record on this site, none of it invented:

• The wrapper is a tracker certificate, issued by BTech Holdings Limited as an ADGM / FSRA listed certificate — not equity.
• No voting rights.
• Dividends are pass-through: a 30% US withholding deduction first, then reinvested through a multiplier. This is what drives the first point in section 8.
• Reserves are covered by attestation, not an on-chain proof of reserve. Among peers, xStocks uses Chainlink proof of reserve, updated daily or on a 10% move, verifiable on chain; an attestation is not.
• Redemption is available, requires KYC, minimum $5. (Primary redemption at xStocks has a $5,000 minimum.)
• US persons are blocked.
• BNB Chain only, Binance only, BSC deposits only — a wrong-network transfer loses the asset.
• The issuance model is exchange-self: the issuer and the only trading venue are the same entity.

All five underlyings here are US-listed common shares (Seagate is incorporated in Ireland and trades as a US-listed share), with no ETF, no ADR and no leveraged product among them. That connects to section 4: none of the drawdown in this group contains leverage decay; it is the fall of the underlying plus whatever spread this venue adds.

The $5 redemption minimum has a concrete meaning here. These five market caps run $494.4K to $1.79M while the redemption threshold is $5 — a low threshold is not a wide path: redemption requires KYC and goes through the primary channel of the issuer, and the secondary market is a single venue (Binance). When the entire market cap of an instrument is under $500K, "a redemption channel exists" and "how much can be exited at a reasonable price" are two separate questions, and this snapshot can only answer the existence of the first.

7. This snapshot was taken on a Saturday

The timestamp 2026-10-31T06:06:52Z is a Saturday morning UTC. The US cash market closed at 20:00 UTC on Friday and does not open again until Monday.

This has already been quantified once on the same issuer: one stock, four order books lined up four tokenized versions of AAPL on a Saturday and concluded that a quote outside trading hours is a market maker opinion, not a market price.

So read the 24-hour changes accordingly: that window (Friday 06:06 UTC to Saturday 06:06 UTC) contains a full Friday US session, so it is not a pure closed-market quote; but the snapshot itself lands inside the closure, and for the two-plus days until Monday, these token prices are the only prices these names have.

This matters especially here, because this is one of the highest-turnover groups on the book. The 24-hour changes are +1.46% (GLWB), −1.87% (STXB), −4.16% (DELLB), −4.73% (PENGB) and −4.88% (ALABB). In a period when the underlying is already closed, those percentages measure buying and selling on this venue, not the pricing of new information about the underlying — and since this is the most active group, that venue-local price discovery is a larger share of these numbers than of anyone else.

8. What this method cannot compute

First, no premium or discount. The snapshot holds only the price of the token and no reference price for the underlying. More decisively, dividends take a 30% US withholding deduction and are then reinvested through a multiplier — without the current multiplier, token unit price and share price are not comparable in the first place. No premium figure appears anywhere here.

Second, no shares per token. The snapshot carries no conversion ratio, so circulating supply converts into no claim at all.

Third, the windows behind range width are not equal, and this group is the one most affected. The five run 117 / 95 / 88 / 60 / 19 days — only GLWB makes the list of 46 instruments listed 100 days or more (24th narrowest of them). The widths of the other four cannot be compared against mature instruments, which is what the whole of section 5 is about.

Fourth, for an instrument listed under 30 days, the "30-day" field does not cover 30 days. Fifteen instruments on the book have been listed under 30 days and 11 under 20 — PENGB has 19, so its −33.10% does not correspond to 30 days. The proof sits on another instrument: APPB has been listed 5 days and its 7-day and 30-day fields are identical (−16.11% both), so the field is clipped to available history. In the section 4 table, the complete windows are GLWB, DELLB, ALABB and STXB.

Fifth, market cap is the CMC definition: price times circulating supply. The book total of $1,318.38M here is the sum of these 100 rows, while the bStocks row on the /stocks page of this site shows an on-chain size of $914M — two numbers from different sources at different times, and they do not reconcile.

Sixth, 100 of 105. CMC reports 105 instruments; this snapshot holds 100. The missing 5 are in none of these figures.

Seventh, one chain. All 100 exist only on BNB Chain — no cross-chain liquidity fragmentation, and no redundancy either.

Conclusion. This group shows up at two extremes at once: it is the smallest of the 20 groups by market cap ($4.67M) and the second-highest by median member turnover (2.587x), with four members in the top 16 of the book by turnover — no other group contributes four names to that list. The second piece covered the 5.109x at ALABB; what this piece adds is its neighbours: DELLB 9th, PENGB 14th, STXB 16th.

In the 30-day column not one of the five escaped: all down more than 20% (only 46 instruments on the book are), four sitting deeper than −30% below their highs, all five in the bottom half of their own listing cohort and two the worst in theirs. But this group was not hit hardest — eighteen instruments fell further than PENGB, mostly leveraged ETFs. What characterizes it is uniformity, not depth.

And that uniformity needs a discount of its own. GLWB is the only member listed more than 100 days and it looks nothing like the other four in any column: 37th on the book by turnover, the shallowest 30-day fall in the group, the deepest distance from its high, and a range width of 1.770x almost exactly the mature common-stock median of 1.768x. The narrower ranges of the other four (1.563x–1.651x) are produced by windows of 19 to 95 days, not by being calmer. The one clean conclusion left is this: for their own size, these five are traded unusually often, and in this particular month not one of them got away.

Source CoinMarketCap, timestamped 2026-10-31T06:06:52Z, covering 100 of the 105 instruments bStocks reports. Instrument detail and quotes at /stocks/bstocks. This is research, not investment advice. DYOR.