BNB rally and new ETP amid prediction-market growth is the central development in recent market coverage. BNB rose more than 5% to $893, marking a notable intraday gain and bringing the token closer to a widely watched $900 target price. Traders have noted the price move while the CoinDesk 20 index rose roughly 1% in the last 24 hours. Market participants are watching consolidation and resistance levels near $900.
A new physically backed BNB exchange-traded product has been listed on Nasdaq Stockholm. Coinbase is the custodian for the BNB ETP, and the product charges a 1.95% annual fee. The ETP listing occurred amid increased activity on BNB Chain prediction markets: Opinion Labs logged over $700 million in seven-day trading volume, and Dune data shows cumulative trading volumes from prediction markets on BNB Chain crossed $20 billion. Other developments reported in the market include Grayscale filing for a U.S. spot ETF named GBNB and a pending BNB ETF bid from VanEck.
The newly introduced BNB exchange-traded product (ETP) offers investors a unique opportunity through its physical backing. This means that the ETP is directly tied to actual BNB tokens, offering investors a tangible link to the underlying asset. The BNB ETP has been officially listed on Nasdaq Stockholm, further enhancing its accessibility to European investors seeking exposure to the cryptocurrency market.
Coinbase has been appointed as the custodian for this BNB ETP, ensuring the secure storage and management of the cryptocurrency assets involved. This aligns with Coinbase’s reputation for robust security practices in the cryptocurrency space. The ETP carries a 1.95% annual fee, which is charged to cover the expenses associated with managing and maintaining the product. Such a fee structure is typical for physically backed ETPs, reflecting the costs of secure storage and corporate governance.
Grayscale filed for a U.S. spot ETF named GBNB. VanEck has a pending BNB ETF bid. Both the Grayscale filing and the VanEck bid were reported alongside other recent market developments related to BNB. The coverage listed these ETF moves together with additional product and market updates.
Opinion Labs logged over $700 million in seven-day trading volume on BNB Chain prediction markets. Probable has surpassed $1 billion in cumulative volume since its December launch. Dune data shows cumulative trading volumes on BNB Chain from prediction markets crossed $20 billion. The reporting presented these figures as specific trading-volume metrics tied to platforms and cumulative activity on BNB Chain.
Some markets are integrating with Binance Wallet and Trust Wallet to enable connectivity with those wallets. The wallet integrations were noted alongside the trading-volume figures and the ETF-related filings. Together, the items reported included institutional ETF filings, a listed physically backed BNB ETP, and multiple trading-volume measures from prediction markets on BNB Chain.
The current market sentiment for BNB, as reflected in the CoinDesk 20 index, has seen a positive movement with the index rising approximately 1% over the last 24 hours. This comes amid broader market anticipation and trading activity focusing on the BNB token. Traders are closely watching the $900 target price for BNB, a key resistance level. Presently, BNB is trading near the $885 range, reflecting a significant increase as traders remain optimistic yet cautious.
Nina Rong, Executive Director of Growth at BNB Chain, provided insight into the market dynamics, stating, “We’re expecting a full market consolidation in the next 2-3 years, but at the moment we’re seeing this growth on BNB Chain due to differentiation across teams and products.”
This sentiment underscores the ongoing growth and strategic developments on BNB Chain that are capturing trader interest.
Pudgy Penguins is building a multi-vertical consumer IP platform. The platform combines phygital products, games, non-fungible tokens (NFTs) and PENGU, listing those four elements as components of the planned offering.
The reporting describes the project as a unified consumer IP initiative that includes both physical-digital product efforts and digital entertainment and token elements, but it does not specify implementation details, rollout schedules, partnership arrangements or commercial plans. The available sources do not provide this information. No further details were included in the report.
BNB rose more than 5% to $893, and traders are watching a $900 target price for the token.
A new physically backed BNB exchange-traded product has been listed on Nasdaq Stockholm; Coinbase is the custodian for the ETP and the product charges a 1.95% annual fee.
Opinion Labs logged over $700 million in seven-day trading volume on BNB Chain prediction markets, Probable has surpassed $1 billion in cumulative volume since its December launch, and Dune data shows cumulative trading volumes from prediction markets on BNB Chain crossed $20 billion.
Grayscale filed for a U.S. spot ETF named GBNB, and VanEck has a pending BNB ETF bid.
The CoinDesk 20 index rose roughly 1% in the last 24 hours.
