The post Binance Coin Rebounds After REX-Osprey Filed for BNB Staking ETF appeared first on Coinpedia Fintech News
Binance Coin (BNB) price rebounded on Tuesday on news of the REX-Osprey BNB staking ETF application. BNB price gained 2.5 percent from today’s intraday low to trade at about $861 during the late North American session.
The large-cap altcoin, with a fully diluted valuation of about $120 billion, recently reached a new all-time high of above $899. The BNB’s bullish sentiment followed its rising Open Interest (OI), which has surged to a peak of above $1.67 billion in the past few days.
BNB ETF Applications Signals Rising Institutional Demand
The apparent demand for BNB by institutional investors has gradually grown in the recent past. The REX filing for spot BNB staking ETF follows a similar move by VanEck, which filed earlier this year.
Meanwhile, more institutional investors are adopting BNB as a tool for treasury management akin to Bitcoin and Ethereum. For instance, BNB Network Company (tBNC) raised $500 million via a PIPE offering to fund its BNB treasury strategy.
U.S.-listed biotech firm Windtree Therapeutics secured a $500 million equity line of credit and a $20 million stock purchase agreement to fund its BNB treasury project. Additionally, Nano Lab, a Hong Kong–based Web3 infrastructure provider Initiated a $500 million convertible note offering, aiming to purchase up to $1 billion in BNB, with a long-term goal of holding 5–10% of total supply
Market Implications
The filing of the REX – Osprey BNB staking ETF I has coincided with a similar move by other fund managers. Moreover, fund managers are rushing to have the U.S. SEC approve their spot altcoin ETFs amid ongoing crypto regulatory clarity.
The notable demand for BNB by institutional investors will have a tangible impact on the ongoing crypto bull run. Moreover, BNB has a fixed supply, and the Binance exchange has facilitated quarterly burns, thus further exaggerating the demand vs supply shock.