$BNB Climbs on 13% Volume Spike – Will ETF Bid & Kyrgyz Deal Spark a Breakout?

Binance Changpeng Zhao VanEck

Ad Disclosure

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

Author

Jimmy Aki

Author

Jimmy Aki

Part of the Team Since

Sep 2022

About Author

Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, and Blockonomi, covering news...

Has Also Written

• Bitget Burns 60M $BGB, Price Up 3% - $6 Next?
• Quant ($QNT) Climbs 1.4% as Fusion Devnet and Sibos 2025 Boost Adoption Outlook
• $HYPE Nears All-Time High on Rising Volume and Deep Liquidity
• Will $OKB Hold $184 After Token Burn and X Layer Upgrade Despite Regulatory Challenges?
• $OKB Jumps Over 6% After 65M Token Burn and ‘X Layer’ Launch

Author Profile

Share

Copied

Ad Disclosure

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

Last updated: 

May 5, 2025

Binance Coin ($BNB) is currently trading at $595.32, posting a modest 1% gain after briefly dipping to an intraday low of $584.61.

The slight uptick follows Binance founder Changpeng Zhao’s announcement on May 4 of a strategic partnership with Kyrgyzstan to launch a nationwide crypto payments infrastructure, initiate blockchain education programs, and establish strategic reserves that include $BNB and Bitcoin ($BTC).

$BNB Trading Volume Surges Following VanEck’s ETF Filing

As the native utility token of the BSC (Binance Smart Chain), $BNB has seen a 13% rise in trading volume over the past 24 hours, with over $1.4 billion exchanged.

This activity has helped it retain its status as the fifth-largest cryptocurrency by market capitalization, according to CoinMarketCap.

$BNB is integral to the Binance ecosystem, powering transactions, smart contracts, and various decentralized applications on the BSC Chain.

Adding to the bullish sentiment, Zhao revealed on May 5 via X (formerly Twitter) that asset management firm VanEck has officially filed for a spot BNB ETF.

Initially submitted under Form S-1 on May 2, the proposed VanEck BNB ETF would mark the first U.S.-registered fund offering direct exposure to $BNB, pending regulatory approval.

While the ETF’s ticker remains undisclosed, the preliminary filing indicates that staking may be included, potentially allowing investors to earn additional $BNB rewards.

Binance Smart Chain Maintains Strong Fundamentals As Stablecoin Activity Booms, Generating Record On-Chain Fees

Despite a quiet market, BNB Chain continues to prove its resilience. It boasts over $5 billion in total value locked and supports more than 1 million active addresses, ranking just behind Bitcoin, Ethereum, and Solana in network activity.

In the past week, the BNB Chain led all major blockchains in stablecoin growth.

The network saw a 17.66% rise in stablecoin market cap, now totaling $9.25 billion. It also generated $1.7 million in transaction fees within the last 24 hours, the highest among major chains.

Technical Indicators: Quiet Accumulation Phase or Breakout Ahead for $BNB?

The 4-hour chart of $BNB/$USDT shows that after dipping below the $592 support zone, $BNB quickly recovered, suggesting the move may have been a bear trap.

A bullish push followed this false breakdown. The price is now trading around $595.8 and forming higher lows, an early indicator of strengthening buying pressure.

The $589.9 level appears to be a strong support floor, while the immediate resistance lies at $607.9.

If $BNB can convincingly break through this horizontal resistance zone, the next logical upside target is around $621.6, which aligns with previous highs and a projected breakout path.

This is further supported by the RSI (Relative Strength Index), which has rebounded from near-oversold territory and currently sits at 48.93.

Overall, the short-term bias for $BNB remains cautiously bullish. If the price holds above the $592 zone and breaks past the $607 resistance with strength, a move toward $621 becomes a reasonable expectation.

Conversely, a close below $589 would invalidate the current setup and shift the focus back to the downside.