BNB open interest surges 35% to $1.43B as VanEck ETF fuels demand

BNB rose 7.35% to $722 as of 08:00 UTC on May 31, extending its weekly gain to 10% and outperforming the broader crypto market. The rally was driven by a 35% surge in open interest to $1.43 billion, according to CoinGlass data, as traders positioned for further upside following the launch of the first US spot BNB exchange-traded fund.

"The open interest spike signals conviction among derivatives traders that BNB has room to run, especially with a regulated ETF product now available to US investors," Jason Wu, an on-chain analyst, said. "Capital is rotating out of lagging large-cap altcoins into BNB as the ETF catalyst creates a direct demand channel."

Derivatives volume on BNB-linked perpetual and futures contracts jumped 270% in the past 24 hours to $5.18 billion, CoinGlass data show. By contrast, XRP derivatives volume fell 55% to $1.39 billion, while Dogecoin volume dropped 52% to $720 million. Open interest for DOGE was flat, and XRP OI slipped 0.56%, underscoring the divergence in trader activity.

VanEck launched the VBNB fund on Nasdaq this week, marking the first US-listed ETF offering spot exposure to BNB. The product gives institutional and retail investors a regulated vehicle to gain exposure to the native token of BNB Chain, the fourth-largest blockchain by market capitalization. Bitcoin and Ethereum each posted weekly losses of nearly 5% over the same period, as capital rotated toward altcoins with identifiable catalysts.

The next directional move for BNB hinges on a sustained close above $687, a level that has acted as resistance in recent sessions. A breakout above that threshold could open a path toward $730 and then $790, according to technical levels tracked by CoinGlass. Conversely, a breakdown below $570 would invalidate the bullish setup and signal a return to range-bound trading. With ETF flows still in their early days and open interest at elevated levels, the coming sessions will test whether the current positioning reflects genuine demand or speculative excess.

This article is for informational purposes only and does not constitute investment advice.