Binance Coin price remained in a narrow range on Friday despite major progress on the listing of the first BNB ETF by Grayscale.
Binance Coin (BNB) token was trading at $8877, a range it has remained at in the past three days. It has dropped by over 7% from its highest level this year.
Grayscale, a top financial services company with over $35 billion in assets under management, filed its S-1 for the spot BNB ETF with the Securities and Exchange Commission. It joins VanEck, which also filed for the spot ETF a few months ago.
Many fund managers have avoided BNB in their filings because it is associated with Binance, a company that pleaded guilty in 2024. Changpeng Zhao, who is originally from China, served time in a US prison. Donald Trump pardoned him last year.
The SEC has approved ETFs of similar cryptocurrencies. For example, the spot XRP ETFs have accumulated over $1 billion in inflows in the past few months. Solana ETFs have gained over $850 million in inflows.
BNB ETF will likely attract substantial inflows from investors. It is one of the biggest cryptocurrencies with a market cap of over $80 billion. It is a highly deflationary token as it burns coins worth over $4 bilion a year, while BSC is one of the most active chains. For example, data compiled by DeFi Llama shows that the network handled over $44 billion in volume in the last 30 days.
Nansen data shows that the network handled over 434 million transactions in the last 30 days and made over $17.6 million in fees.
Binance Coin price technical analysis
The daily chart shows that the BNB price has retreated in the past few months. It has dropped from a high of $1,374 in October last year to the current $890.
The coin has now formed an ascending channel, which is part of the bearish flag pattern. This pattern often leads to more downside.
Binance Coin price has moved to the ultimate support level of the Murrey Math Lines tool. It also remains below the 50-day and 100-day moving averages. Therefore, the coin will likely have a bearish breakout, potentially to the extreme oversold level of $812.
