Investment Giant VanEck Files for a Spot Binance Coin (BNB) Exchange-Traded Fund (ETF)

Investment giant VanEck has officially filed for a spot Binance Coin BNB $603.7 24h volatility: 2.0% Market cap: $88.06 B Vol. 24h: $1.76 B

Investment giant VanEck has officially filed for a spot Binance Coin (BNB) exchange-traded fund (ETF) in Delaware. The filing, submitted on April 1, signals a significant step toward launching such a product.

While BNB-related investment products exist in global markets, no BNB-specific ETF has ever been launched in the United States.

The proposed “VanEck BNB Trust” showcases VanEck’s confidence in the fifth-largest cryptocurrency, especially with growing institutional interest in cryptocurrencies.

This filing is a crucial part of the process, as creating a trust entity precedes a formal ETF application to the Securities and Exchange Commission (SEC).

Notably, VanEck is known for its endeavors in the crypto ETFs space. Last year, it successfully launched spot Bitcoin and Ethereum ETFs.

BNB Price Outlook

As of press time, BNB is trading around $599, showing a 1.5% increase in the past 24 hours.

Looking at the daily BNB price chart, the Relative Strength Index (RSI) stands at 51.86, indicating neutral momentum with some room for further upward price action. However, a drop in RSI could signal potential bearish pressure.

The Bollinger Bands are narrowing, which could indicate a reduction in price volatility. A breakout from the upper band could trigger a strong move in the token’s price. Currently, BNB price is approaching the middle band (around $618), acting as a dynamic resistance level. A breakout from this level could propel the token to $650 in the near future.

Meanwhile, the MACD shows that the red line (signal line) is above the blue line (MACD line), indicating bearish control. However, if the histogram turns positive in the coming days, traders can anticipate a slight bullish crossover.

Pointing out a technical pattern, popular crypto platform CRYPTOWZRD noted on X that BNB appears to be forming a widening wedge pattern on the daily chart.

According to them, a price breakout above the upper trendline of this pattern could ignite a rally to $760, followed by $870. However, traders should look for a confirmed breakout with sufficient volume to validate the bullish target.

At the time of writing, BNB recorded a 48% surge in its 24-hour trading volume, reaching $2.16 billion.