Markets
What to know:
- Well, hold onto your hats! The BNB token has decided to take a little hop up by 2.5%, inching its way toward the lofty $900 mark, as if it’s trying to impress the folks at the trading floor.
- In a plot twist perfect for a daytime soap opera, a shiny new physically backed BNB exchange-traded product has made its grand debut on Nasdaq Stockholm, joining the ranks of investment options and adding a touch of drama to the already chaotic crypto scene.
- Meanwhile, the prediction markets on BNB Chain are booming like a summer fair, with Opinion Labs raking in over $700 million in just one week-yes, you read that right-and cumulative trading volumes dancing past the $20 billion threshold. Talk about a party!
The BNB token, that lovable rollercoaster of a cryptocurrency, has surged more than 5% to hover around $893, teasing investors as it approaches that tantalizing $900 resistance level.
This latest rally is perfectly timed with the unveiling of a physically backed BNB exchange-traded product (ETP) from crypto asset manager Virtune on Nasdaq Stockholm. It offers investors a direct line to the BNB goodness, with Coinbase playing guardian at a cost of 1.95% annual fee. Because who doesn’t love a little extra charge on their crypto journey?
But wait, there’s more! This launch adds yet another layer to the ever-growing list of BNB-related products, including Grayscale’s recent filing for a spot ETF named GBNB. Just when you thought the world of finance couldn’t get more convoluted, enter VanEck with their still-pending BNB ETF bid. It’s like a never-ending reality show!
Despite a bit of hesitation near previous resistance levels, the volume jumped like a startled cat as BNB broke through the $885 range. Those CoinDesk Research analysts are watching closely, hoping for signs of sustained momentum rather than a quick flash in the pan.
On the broader horizon, BNB Chain is witnessing a veritable explosion in usage among prediction markets. Platforms like Opinion Labs and Probable are creating quite the buzz, with Opinion Labs clocking over $700 million in trading volume in just a week. Who knew predicting outcomes could be so profitable?
According to Dune’s data-which sounds suspiciously like a scene from a sci-fi movie-the cumulative trading volumes on the BNB Chain from prediction markets have soared past $20 billion. Yes, folks, it’s a wild west out there!
Probable, which made its entrance just last December, has already eclipsed $1 billion in cumulative volume. Some of these prediction markets are even cozying up to wallets like Binance Wallet and Trust Wallet, making access as easy as pie for users. Whether they can actually eat that pie is a different question.
“We’re expecting a full market consolidation in the next 2-3 years, but at the moment we’re seeing this growth on BNB Chain due to differentiation across teams and products,” said Nina Rong, Executive Director of Growth at BNB Chain, in an emailed statement that may or may not have been written while sipping a latte.
Traders are now peering through their crystal balls at the $900 target while keeping a wary eye on broader market developments. Meanwhile, the broad CoinDesk 20 (CD20) index has taken a little joyride, rising roughly 1% in the last 24 hours, giving everyone something to smile about.
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2026-01-27 21:06