First spot BNB ETF with staking? Hype rises amid new filing, price eyes $900!
Key Takeaways
BNB’s proposed ETF and Nasdaq-listed $1B Treasury firm fueled inflows, lifting worth and Open Curiosity. Web Flows topped $15 million, whereas momentum pointed towards $900.
REX Shares, in partnership with Osprey Funds, filed an N-1A registration assertion with the Securities and Change Fee (SEC).
This registration seeks to launch what may very well be the primary spot Binance Coin [BNB] exchange-traded fund in the US, together with a staking element.
The proposed fund would record on the Cboe BZX Change if accepted by the SEC.
Curiously, on the identical day, Bitwise Asset Administration filed an software with the company for a spot Chainlink ETF.
If accepted, the fund would maintain Chainlink tokens instantly and monitor the CME CF Chainlink-Greenback Reference Fee. As well as, Canary filed for an Official Trump [TRUMP] ETF.
The REX-Osprey BNB + Staking ETF was structured equally to Solana’s [SOL] staking ETF (SSK), permitting publicity to identify BNB whereas producing returns from staking
Supply: Eric Balchunas/X
Moreso, funding agency B Technique, backed by YZi Labs, announced plans for a $1 billion Nasdaq-listed BNB treasury firm, designed to behave as a Berkshire-style car for the ecosystem.
This transfer signaled rising institutional demand for BNB and contributed to a 4% worth rebound from $833 to $857 at press time.
Implications on OI, quantity and inflows
The implications of such institutional exercise had been seen within the Open Curiosity (OI), Quantity and day by day Web Flows.
Per Artemis Analytics, BNB led all different chains by Web Flows of greater than $15 million. Polygon [POL] and Base got here shut, however had been nonetheless beneath $10 million on the day.
OI rebounded above $1.50 billion after dipping to $1.72 billion earlier. The Aggregated Bid-Ask delta flipped optimistic, with purchase orders topping 300K per hour.
Supply: CoinGlass
Extra evaluation of information from CoinGlass famous the same pattern in Buying and selling Quantity. It reached $1.25 billion with nonetheless extra hours to go earlier than the day’s shut.
Is the altcoin beginning a much bigger rally?
Binance coin traded at $857 after the bounce from the upper low across the $830 stage. Beforehand, BNB rose by 8% from the identical zone, however the ETF-fueled bounce solely managed half of that.
Nonetheless, this slight restoration may very well be a precursor to a a lot greater rally anticipated in September.
Shopping for momentum was additionally kicking in with the MACD turning inexperienced after the crossover. The following goal for BNB was at $900, however the decrease excessive resistance at $870 wanted to be conceded.
Supply: TradingView
On the draw back, sentiment throughout the broader market would decide whether or not BNB’s restoration prolonged right into a full rally.
