BNB Tops Bitcoin, Ethereum After VanEck Files For First US ETF Tracking The Token

BNB Coin BNB/USD edged higher Monday after asset management giant VanEck filed an exchange-traded fund application with the SEC.

What happened: BNB spiked over 2% in the last 24 hours, becoming the most successful cryptocurrency among the top ten by market capitalization. The coin's trading volume rose 10.67% to $1.46 billion.

The rise overshadowed blue-chip cryptocurrencies Bitcoin BTC/USD and Ethereum ETH/USD, which rose 0.20% and 0.96%, respectively, in the 24-hour period.

Interestingly, BNB's Open Interest fell 4.40% in the last 24 hours, according to Coinglass. A drop in Open Interest, combined with a price increase, may imply that shorts were covering their positions.

Meanwhile, over 63% of Binance traders with open BNB positions placed bullish bets on the cryptocurrency, signaling hopes of short-term appreciation.

Why It Matters: The momentum comes after VanEck filed for a spot BNB ETF, aiming to be the first ETF in the U.S. that will expose investors to the price moves of BNB Chain's native token. The S-1 filing is a prerequisite for issuers to file to offer new securities.

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The issuer also applied for the fund's BNB to be set aside for earning staking rewards, earning additional BNB or other income.

Notably, VanEck is a leading global asset manager, with assets under management worth more than $116 billion as of March 31.

Price Action: At the time of writing, BNB was exchanging hands at $597.33, UP 2.20% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin has fallen 14.80%.

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