The BNB chain’s native token, BNB, extended its recent gains, climbing more than 5% to $893 as it nears the $900 resistance level.
The rally comes amid the debut of a physical-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 a custodian and charges an annual fee of 1.95%, further adding ways for investors to gain exposure to the cryptocurrency.
The launch adds to a growing list of products linked to BNB, including Grayscale’s latest US filing for a spot ETF, GBNB. This filing comes while there is still a pending BNB ETF bid from VanEck.
While price action showed hesitation near previous resistance, volume picked up as BNB pushed above the $885 range, according to CoinDesk Research’s technical analysis data model. The recent price movement suggests renewed buying interest, although analysts continue to watch for signs of sustained momentum.
In addition to price, BNB Chain is seeing an increase in usage across prediction markets. Platforms such as Opinion Labs and Probable have reported significant activity, with Opinion Labs logging over $700 million in 7-day trading volume.
That’s according to data from Dune, which shows that cumulative trading volumes on the BNB chain coming in from prediction markets have now crossed $20 billion.
Launched in December, Probable has already surpassed $1 billion in cumulative volume alone. Some of these markets now integrate directly with wallets like Binance Wallet and Trust Wallet, making it easier for users to access them.
“We expect a full market consolidation in the next 2-3 years, but currently we see this growth on BNB Chain due to differentiation across teams and products,” Nina Rong, Managing 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 (CD20) index rose about 1% in the past 24 hours, further boosting sentiment.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial staff to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.
