The application for the creation of an ETF based on BNB (BNB) by VanEck did not affect the price of the cryptocurrency issued by the Binance exchange. On May 5, Binance founder Changpeng Zhao reported that VanEck employees had approached the U.S. Securities and Exchange Commission and exchanges with a request to approve the first American spot exchange fund based on BNB. However, this event did not have a significant positive impact on the digital asset. The price of the coin increased by only 1.5% over the past day, while in the futures market for buying BNB, the total open positions fell by 4.4%.
Everyone is applying for ETF issuance, but none of them are getting approvals, explained the likely reason for the absence of excitement around BNB by trader Mati.
Nevertheless, all members of the crypto community are skeptically inclined regarding the future of the cryptocurrency developed by Binance. Some investors predict the beginning of the 'BNB season', during which the coin's price will update its historical maximum at the mark of $794, reached in December 2024. Currently, the digital asset is priced at $599.4, meaning it will have to rise by at least a third to set a new price record. Judging by the chart, BNB has little chance of justifying the bulls' hopes in the foreseeable future. The coin's price fluctuates within a shrinking triangle, which means its price and volatility level should gradually decrease. Moreover, the bearish figure indicates that it will likely break downwards, causing the price to fall approximately to $205, considering the width of the triangle.
