VanEck Files for BNB ETF: Major Coin Entering ETF Race?

VanEck has filed for a spot BNB ETF in Delaware, potentially driving the token’s price upward in the coming months.

Parth Dubey By Parth Dubey Julia Sakovich Editor Julia Sakovich Updated 3 mins read
VanEck Files for BNB ETF: Major Coin Entering ETF Race?

Key Notes

  • VanEck has filed for the first-ever US spot BNB ETF.
  • BNB is currently trading around $599, down by 1.5% in the past day.
  • Analysts see the ETF filing and upcoming hard forks as catalysts for the BNB rally.

Investment giant VanEck has officially filed for a spot Binance Coin BNB $602.9 24h volatility: 0.6% Market cap: $87.96 B Vol. 24h: $1.58 B exchange-traded fund (ETF) in Delaware. The filing, submitted on April 1, lays the groundwork for what could be a major development for BNB.

While BNB-related investment products such as the 21Shares Binance BNB ETP exist in global markets, no BNB-specific ETF has ever been launched in the United States. The proposed “VanEck BNB Trust” signals VanEck’s confidence in the growing institutional interest in the fifth-largest cryptocurrency.

This filing is a critical first step, as creating a trust entity precedes a formal ETF application to the Securities and Exchange Commission (SEC).

Notably, VanEck has been a leader in the crypto ETFs space, successfully launching spot Bitcoin and Ethereum ETFs last year.

BNB Price Outlook

BNB is currently trading around $599, down by 1.5% in the past 24 hours. On the daily BNB price chart, the RSI sits at 51.86, suggesting neutral momentum but leaving room for further upward motion. However, a dip in RSI could signal bearish pressure.

VanEck Files for BNB ETF: Major Coin Entering ETF Race?

Source: TradingView

Bollinger Bands are narrowing, hinting at volatility contraction but a breakout could trigger a sharp move. BNB price is approaching the middle band (around $618), acting as a dynamic resistance level. A breakout from this level could send 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), signaling bearish control. However, if the histogram turns positive in the coming days, traders can see a slight bullish crossover.

VanEck Files for BNB ETF: Major Coin Entering ETF Race?

Source: TradingView

Notably, popular crypto platform CRYPTOWZRD noted on X that BNB appears to be forming a widening wedge pattern on the daily chart. They predict that a price breakout above the upper trendline could ignite a rally to $760, followed by $870.

However, traders should watch 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, sitting at $2.16 billion.

Developments Potentially Boosting BNB’s Growth

Apart from ETF filing, several other factors could fuel the BNB rally in the coming months. The recent Pascal hard fork has increased BNB Chain’s compatibility with Ethereum, making it a more attractive ecosystem for developers and users alike.

Additionally, BNB Chain has been gaining traction among meme coin projects, with new tokens such as the Mubarak meme coin and CZ’s Dog BROCOLLI launching on the network.

It is interesting to note that the BNB network is preparing for additional hard forks in April and June, aiming to further improve transaction speeds. Analysts on X suggest that this could drive the token toward new all-time highs.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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Parth Dubey

A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.

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