VanEck's $BNB ETF Filing Ignites Massive Growth for BNB Chain's Native Token

$BNB, the native token of BNB Chain , has experienced massive growth on Monday. As per the latest reports, $BNB’s price has jumped by more than 2% over the past twenty-four hours.

In the dynamic realm of cryptocurrencies, where tokens ebb and flow with the tide of market forces, one token has managed to stand out from the crowd.

Indeed, the native token of BNB Chain, better known as $BNB, has experienced a remarkable surge in recent times.

As per the latest reports, $BNB’s price has risen by more than 2% over the past twenty-four hours. In this respect, the crypto asset has outcompeted Ethereum ($ETH) and Bitcoin ($BTC).

This development comes after VanEck applied to launch $BNB exchange-traded funds with the United States Securities and Exchange Commission.

As the renowned asset management firm, VanEck, submitted applications to launch exchange-traded funds (ETFs) tied to the world’s third-largest cryptocurrency, the crypto asset has outperformed Bitcoin and Ethereum.

The applications filed with the United States Securities and Exchange Commission (SEC) are for ETFs that would track the price of BNB.

This development comes after the SEC approved Bitcoin ETFs earlier this year, and the applications are still pending approval.

In addition to the stellar performance of $BNB, the crypto asset also displayed resilience against inflation concerns, which had a slight dampening effect on BTC and ETH.

This triple whammy pushed the cryptocurrency into positive territory for the day, diverging from the slight declines observed in BTC and ETH.

The slight gains in both cases come after a weekend of muted trading activity.

In essence, both cryptocurrencies displayed a lackluster performance, with BTC rising by 0.20% in the past 24 hours, while ETH experienced a 0.96% increase.

In contrast to this minimal movement, $BNB’s price experienced a 2.41% surge in the same period, pushing its price to $597.33 by 08:58 p.m.

Complementary to this achievement, $BNB’s trading volume also experienced a sharp surge of 10.67%, reaching the $1.46B mark in the meantime.

However, despite this increase, a 4.40% decline has taken place in the open interest in derivatives related to $BNB.

As the renowned asset management firm, VanEck, submitted applications to launch exchange-traded funds (ETFs) linked to the world’s third-largest cryptocurrency, the crypto asset has outperformed Bitcoin and Ethereum.

The applications with the United States Securities and Exchange Commission (SEC) are for ETFs that would follow the price of BNB.

This development follows the SEC’s approval of Bitcoin ETFs earlier this year, and the applications are still pending approval.

In addition to this stellar performance by $BNB, the crypto asset also displayed resilience against inflation concerns, which had a slight dampening effect on BTC and ETH.

This triple whammy pushed the cryptocurrency into positive territory for the day, diverging from the slight declines observed in BTC and ETH.

Both cryptocurrencies displayed lackluster performance over the weekend due to muted trading activity.

In essence, both cryptocurrencies displayed a lackluster performance, with BTC rising by 0.20% and ETH experiencing a 0.96% increase.

In contrast to this minimal movement, $BNB’s price experienced a 2.41% surge in the same period, pushing its price to $597.33 by 08:58 p.m.

Complementary to this achievement, $BNB’s trading volume also experienced a sharp surge of 10.67%, reaching the $1.46B mark in the meantime.

However, despite this increase, a 4.40% decline has taken place in the open interest in derivatives related to $BNB.