The BNB chain’s native token BNB extended its recent advance, rising over 5% to $893 as it approaches the $900 resistance level.
The rally comes amid the debut 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 a 1.95% annual fee, adding even more ways for investors to gain exposure to the cryptocurrency.
The launch joins a growing list of BNB-linked products, including Grayscale’s recent filing in the United States for a spot ETF, GBNB. This filing comes while VanEck still has a BNB ETF offering pending.
While price action showed hesitation near previous resistance, volume increased as BNB broke through the $885 range, according to CoinDesk Research’s technical analysis data model. The latest price movement suggests fresh buying interest, although analysts continue to watch for signs of sustained momentum.
Beyond price, BNB Chain is seeing a surge in usage in prediction markets. Platforms such as Opinion Labs and Probable have reported significant activity, with Opinion Labs recording over $700 million in trading volume in 7 days.
This is according to data from Dune, which shows that cumulative trading volumes on the BNB chain from prediction markets have surpassed the $20 billion mark.
Likely, which launched in December, has already surpassed $1 billion in cumulative volume alone. Some of these marketplaces are now integrating directly with wallets like Binance Wallet and Trust Wallet, making it easier for users to access them.
“We expect full market consolidation in the next 2-3 years, but right now we are seeing this growth in BNB Chain due to the differentiation between teams and products,” Nina Rong, BNB Chain Chief Growth Officer 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 broad index (CD20) rose about 1% in the last 24 hours, further boosting sentiment.
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and were reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s full AI Policy.
