Binance Coin remained stuck in a narrow range on Friday, even as Grayscale made progress toward launching the first spot BNB exchange-traded fund. The lack of price reaction suggests traders remain cautious.
BNB was trading near the $890 level, where it has hovered for the past three days. The token is down more than 7% from its yearly high, reflecting ongoing selling pressure despite positive ETF-related news.
Grayscale, which manages more than $35 billion in assets, has filed an S-1 registration with the U.S. Securities and Exchange Commission for a spot BNB ETF. VanEck had previously submitted a similar filing, signaling growing institutional interest in the token.
Some fund managers have been hesitant to include BNB due to its close association with Binance. The exchange pleaded guilty to U.S. charges in 2024, and former CEO Changpeng Zhao served a prison sentence before receiving a pardon last year.
Even so, the SEC has already approved ETFs tied to similar cryptocurrencies. Spot XRP ETFs have attracted more than $1 billion in inflows, while Solana ETFs have seen over $850 million, improving the odds of approval for a BNB product.
If approved, a BNB ETF could attract strong inflows. BNB has a market value above $80 billion and follows a deflationary model, burning more than $4 billion worth of tokens each year. Binance Smart Chain also remains one of the most active networks.
On the technical side, BNB is flashing warning signs. The daily chart shows the price trading inside an ascending channel, which forms part of a bearish flag pattern and often signals further downside.
BNB is also trading below its 50-day and 100-day moving averages and sits near a key support zone. If the bearish setup plays out, the price could fall toward the $812 level in the near term.
