Key Takeaways
BNB’s proposed ETF and Nasdaq-listed $1B Treasury company fueled inflows, lifting price and Open Interest. Net Flows topped $15 million, while momentum pointed toward $900.
REX Shares, in partnership with Osprey Funds, filed an N-1A registration statement with the Securities and Exchange Commission (SEC).
This registration seeks to launch what could be the first spot Binance Coin [BNB] exchange-traded fund in the United States, including a staking component.
The proposed fund would list on the Cboe BZX Exchange if approved by the SEC.
Interestingly, on the same day, Bitwise Asset Management filed an application with the agency for a spot Chainlink ETF.
If approved, the fund would hold Chainlink tokens directly and track the CME CF Chainlink-Dollar Reference Rate. In addition, Canary filed for an Official Trump [TRUMP] ETF.
The REX-Osprey BNB + Staking ETF was structured similarly to Solana’s [SOL] staking ETF (SSK), allowing exposure to spot BNB while generating returns from staking
Source: Eric Balchunas/X
Moreso, investment firm B Strategy, backed by YZi Labs, announced plans for a $1 billion Nasdaq-listed BNB treasury company, designed to act as a Berkshire-style vehicle for the ecosystem.
This move signaled growing institutional demand for BNB and contributed to a 4% price rebound from $833 to $857 at press time.
Implications on OI, volume and inflows
The implications of such institutional activity were seen in the Open Interest (OI), Volume and daily Net Flows.
Per Artemis Analytics, BNB led all other chains by Net Flows of more than $15 million. Polygon [POL] and Base came close, but were still below $10 million on the day.
OI rebounded above $1.50 billion after dipping to $1.72 billion earlier. The Aggregated Bid-Ask delta flipped positive, with buy orders topping 300K per hour.
Source: CoinGlass
More analysis of data from CoinGlass noted a similar trend in Trading Volume. It reached $1.25 billion with still more hours to go before the day’s close.
Is the altcoin starting a bigger rally?
Binance coin traded at $857 after the bounce from the higher low around the $830 level. Previously, BNB rose by 8% from the same zone, but the ETF-fueled bounce only managed half of that.
However, this slight recovery could be a precursor to a much bigger rally expected in September.
Buying momentum was also kicking in with the MACD turning green after the crossover. The next target for BNB was at $900, but the lower high resistance at $870 needed to be conceded.
Source: TradingView
On the downside, sentiment across the broader market would determine whether BNB’s recovery extended into a full rally.
Credit: Source link