The BNB Chain’s native token, BNB, extended its recent advance, climbing over 5% to $893 as it nears the $900 resistance level.
The rally comes amid the launch of a physically-backed BNB exchange-traded product (ETP) by crypto asset manager Virtune on Nasdaq Stockholm. The new product offers direct exposure to BNB with Coinbase as custodian and charges an annual fee of 1.95%, adding ways for investors to gain exposure to the cryptocurrency.
The launch adds to a growing list of BNB-related products, including Grayscale’s recent US filing of a spot ETF, GBNB. This filing comes as a BNB ETF offering from VanEck is still pending.
While price action showed hesitation near previous resistance, volume increased as BNB broke above the $885 range, according to CoinDesk Research’s technical analysis data model. The latest price action suggests renewed buyer interest, although analysts continue to watch for signs of sustained momentum.
Beyond price, BNB Chain is seeing an increase in usage in prediction markets. Platforms like Opinion Labs and Probable reported significant activity, with Opinion Labs seeing over $700 million in 7-day trading volume.
This is according to data from Dune, which shows that cumulative trading volumes on the BNB chain from prediction markets have now crossed the $20 billion mark.
Probable, launched in December, has already surpassed $1 billion in cumulative volume alone. Some of these marketplaces now integrate directly with wallets like Binance Wallet and Trust Wallet, making it easier for users to access.
“We expect complete market consolidation in the next 2-3 years, but at the moment we are seeing this growth on BNB Chain due to the differentiation between teams and products,” Nina Rong, Executive Director of Growth at BNB Chain, told CoinDesk in an emailed statement.
Traders are now keeping a close eye on the $900 target while monitoring broader market developments. The broad CoinDesk 20 Index (CD20) is up about 1% in the past 24 hours, further boosting sentiment.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team for accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
