Binance Coin ($BNB) is currently trading at $595.32, posting a modest 1% gain after briefly dipping to an intraday low of $584.61. The slight uptick follows Binance founder Changpeng Zhao’s announcement on May 4 of a strategic partnership with Kyrgyzstan to launch a nationwide crypto payments infrastructure, initiate blockchain education programs, and establish strategic reserves that include $BNB and Bitcoin ($BTC). $BNB Trading Volume Surges Following VanEck’s ETF Filing As the native utility token of the BSC (Binance Smart Chain), $BNB has seen a 13% rise in trading volume over the past 24 hours, with over $1.4 billion exchanged. BNB Coin sees 13.29% increase in trading volume/ Source: CoinMarketCa This activity has helped it retain its status as the fifth-largest cryptocurrency by market capitalization, according to CoinMarketCap. $BNB is integral to the Binance ecosystem, powering transactions, smart contracts, and various decentralized applications on the BSC Chain. Adding to the bullish sentiment, Zhao revealed on May 5 via X (formerly Twitter) that asset management firm VanEck has officially filed for a spot BNB ETF. VanEck just filed for a spot BNB ETF. https://t.co/L2a6b7LeUH — CZ BNB (@cz_binance) May 5, 2025 Initially submitted under Form S-1 on May 2, the proposed VanEck BNB ETF would mark the first U.S.-registered fund offering direct exposure to $BNB, pending regulatory approval. While the ETF’s ticker remains undisclosed, the preliminary filing indicates that staking may be included, potentially allowing investors to earn additional $BNB rewards. Binance Smart Chain Maintains Strong Fundamentals As Stablecoin Activity Booms, Generating Record On-Chain Fees Despite a quiet market, BNB Chain continues to prove its resilience. It boasts over $5 billion in total value locked and supports more than 1 million active addresses, ranking just behind Bitcoin, Ethereum, and Solana in network activity. Binance Smart Chain TVL and Active Addresses/ source DefilLama In the past week, the BNB Chain led all major blockchains in stablecoin growth . BREAKING: @justinsuntron and @cz_binance are indirectly backing the rise of #USD1 BNB Chain calls it “BNB’s native stablecoin” and celebrates its new listing on @HTX_Global . @worldlibertyfi | @HTX_Global | @BNBCHAIN https://t.co/BWajriCvGJ pic.twitter.com/ben8HTVGlB — Notaz.Sol (@CryptoNotaz) May 5, 2025 The network saw a 17.66% rise in stablecoin market cap, now totaling $9.25 billion. It also generated $1.7 million in transaction fees within the last 24 hours, the highest among major chains. Technical Indicators: Quiet Accumulation Phase or Breakout Ahead for $BNB? The 4-hour chart of $BNB/$USDT shows that after dipping below the $592 support zone, $BNB quickly recovered, suggesting the move may have been a bear trap. A bullish push followed this false breakdown. The price is now trading around $595.8 and forming higher lows, an early indicator of strengthening buying pressure. Binance coin chart/ Source: TradingView The $589.9 level appears to be a strong support floor, while the immediate resistance lies at $607.9. If $BNB can convincingly break through this horizontal resistance zone, the next logical upside target is around $621.6, which aligns with previous highs and a projected breakout path. This is further supported by the RSI (Relative Strength Index), which has rebounded from near-oversold territory and currently sits at 48.93. #BNB analysis on the 1D chart vs USDT shows price movement within a triangle pattern, indicating room for the current side trend. Potential targets: T1 = $599, T2 = $617, T3 = $644. For risk management, consider Stop-Loss levels: SL1 = $580, SL2 = $559, SL3 = $542, SL4 = $521.… pic.twitter.com/Qku1eChZ4R — Andrew Griffiths (@AndrewGriUK) May 3, 2025 Overall, the short-term bias for $BNB remains cautiously bullish. If the price holds above the $592 zone and breaks past the $607 resistance with strength, a move toward $621 becomes a reasonable expectation. Conversely, a close below $589 would invalidate the current setup and shift the focus back to the downside. The post $BNB Climbs on 13% Volume Spike – Will ETF Bid & Kyrgyz Deal Spark a Breakout? appeared first on Cryptonews .
