BNB, the native token of the BNB chain, continued its recent gains, rising more than 5% to $893, approaching the $900 resistance level.
The rally comes as crypto asset manager Virtune launches a physically-backed BNB exchange-traded product (ETP) on Nasdaq Stockholm. The new product offers direct investment in BNB with Coinbase as custodian and charges a 1.95% annual fee, further increasing investors’ exposure to cryptocurrencies.
The launch adds to a growing list of products related to BNB, including Grayscale’s recently filed spot ETF GBNB in the United States. The filing comes as VanEck’s BNB ETF bid remains pending.
While price action showed hesitation near previous resistance, volume picked up as BNB broke above the $885 range, according to CoinDesk Research’s technical analysis data model. While analysts continue to focus on signs of continued momentum, the latest price action points to renewed buying interest.
In addition to price, prediction market usage of BNB Chain is also surging. Platforms such as Opinion Labs and Probable reported significant activity, with Opinion Labs’ seven-day trading volume exceeding $700 million.
This is according to data from Dune, which shows that cumulative trading volume on the BNB chain from prediction markets has now passed the $20 billion mark.
Probable launched in December and has already surpassed $1 billion in cumulative transaction volume alone. Some of these marketplaces now integrate directly with wallets such as Binance Wallet and Trust Wallet, making them easier for users to access.
“We expect full market consolidation in the next 2-3 years, but currently we see growth in BNB Chain due to differentiation between teams and products. “Nina Rong, BNB Chain’s executive director of growth told CoinDesk in an emailed statement.
Traders are now keeping a close eye on the $900 target while monitoring broader market developments. The CoinDesk 20 (CD20) composite index has gained about 1% in the past 24 hours, further boosting market sentiment.
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