VanEck Has Officially Filed for a BNB ETF in Delaware, Marking the AUM's First Attempt to Create a Dedicated ETF Fund for the Token

VanEck has officially filed for a BNB ETF in Delaware, marking the AUM's first attempt to create a dedicated ETF fund for the token in the U.S. This is VanEck's 5th crypto ETF filing

VanEck has officially filed for a BNB ETF in Delaware, marking the AUM’s first attempt to create a dedicated ETF fund for the token in the U.S. This is VanEck’s 5th crypto ETF filing, following Bitcoin (BTC), Ethereum (ETH), Solana & Avalanche.

21Shares already manages the 21Shares Binance BNB ETP outside of the U.S., which is listed on several exchanges across Europe. The ETC is also being traded in several European countries.

Following the news, Binance coin is back in the top five, flipping Solana again with a $92 billion market cap. This marks a major shift as Solana received immense traction, especially during the meme coin mania.

Despite the price decline, BNB has shown strength throughout the bear market. This is driven by actual demand and ecosystem growth, as proponents have been doubling down on the token’s utility.

The BNB chain is surging, not just as a hub for new projects and liquidity, but driven by Binance’s ‘Vote 2 List’ initiative, which brings increased activity and transactions, bolstering the token’s utility.

Besides trading, the Binance coin is becoming a core utility token, fueled by Megadrop, TGEs, and airdrops. This keeps BNB in the spotlight and contributes to the token’s overall momentum.

Therefore, BNB isn’t just maintaining its position; it’s actively gaining momentum, especially as it faces crucial technical levels.

BNB Price Analysis: Binance Coin Bounces From $588

Currently, BNB is trading near $602, with a 1-hour price surge of 0.43% but a 24-hour decrease of 1.29%.

In the past hour, volume surged by 56.22%, with buy volume up 169.35% and sell volume up 55%. Total trades increased by 112.5%, and unique wallets rose by 120%.

Over the course of the day, volume grew by 75.81%, with a notable 134.12% rise in sell volume. This indicates that while there’s interest in buying BNB, the selling pressure might be intensifying.

From the technical perspective, Binance coin is bouncing from the $588 support, but is now facing resistance at $610. On the hourly price chart, a short-term declining channel is emerging as the price hovers below the 100-hour SMA.

Experts, therefore, advise holding $600 is crucial for any bullish move. If the price drops below this level, it could continue sliding to $588. However, staying above $600 might open the door for a rally to $610.