BNB rises 2.5%, nears $900 mark as prediction market growth signals utility expansion

The native token of the BNB Chain, BNB, extended its recent advance, climbing more than 5% to $893 as it nears the $900 resistance level.

The rally comes amid the debut 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 custodian and charges a 1.95% annual fee, further adding ways for investors to gain exposure to the cryptocurrency.

The launch adds to a growing list of products tied to BNB, including Grayscale’s recent U.S. filing for a spot ETF, GBNB. That filing comes while there is a still-pending BNB ETF bid by VanEck.

While price action showed hesitation near previous resistance, volume picked up as BNB pushed above the $885 range, according to CoinDesk Research's technical analysis data model. The latest price move suggests fresh buying interest, although analysts continue to watch for signs of sustained momentum.

Beyond price, BNB Chain is experiencing a surge in usage across prediction markets. Platforms like Opinion Labs and Probable have reported significant activity, with Opinion Labs logging over $700 million in 7-day trading volume.

That’s according to data from Dune, which shows that cumulative trading volumes on the BNB Chain coming in from prediction markets have now crossed the $20 billion mark.

Probable, which launched in December, has already surpassed $1 billion in cumulative volume alone. Some of these markets are now integrating directly with wallets like Binance Wallet and Trust Wallet, making it easier for users to access them.

“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,” Nina Rong, Executive Director of Growth at BNB Chain, told CoinDesk in an emailed statement.

Traders are now keeping a close eye on the $900 target while monitoring broader market developments. The broad CoinDesk 20 (CD20) index rose roughly 1% in the last 24 hours, further boosting sentiment.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.