A new physically backed BNB exchange-traded product has been launched on Nasdaq Stockholm, adding to existing investment options.
$BNB Chain’s native token, BNB, extended its recent advance, rising more than 5% to $893 as it nears the $900 resistance level.
The rally comes amid the launch 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 the custodian and charges a 1.95% annual fee, adding ways for more investors to gain exposure to the cryptocurrency.
The launch adds to a growing list of BNB-linked products, including a spot ETF, Grayscale’s recent U.S. filing for GBNB. The filing comes as a BNB ETF bid by VanEck is pending.
According to CoinDesk Research’s technical analysis data model, price action showed hesitation near previous resistance, with volume increasing after BNB broke above the $885 level. The latest price action suggests renewed buying interest, although analysts continue to see signs of continued momentum.
In addition to the price, BNB Chain is seeing a surge in usage in prediction markets. Platforms like Opinion Labs and Probable have reported significant activity, with Opinion Labs logging over $700 million in 7-day trading volume.
This is according to data from Dune, which shows that the total trading volume on BNB Chain coming from prediction markets has now crossed the $20 billion mark.
Probable, which launched in December, has already surpassed $1 billion in total volume. Some of these markets are now integrating directly with wallets like Binance Wallet and Trust Wallet, making them easier for users to access.
“We expect the market to fully stabilize over the next 2-3 years, but at the moment we are seeing this growth on BNB Chain due to the differences in teams and products,” Nina Rong, executive director of development at BNB Chain, told CoinDesk in an emailed statement.
Traders are now keeping a close eye on the $900 target as they monitor broader market developments. The broader CoinDesk 20 (CD20) index has gained about 1% in the past 24 hours, further boosting sentiment.
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