REX Shares Files for BNB Staking ETF, Can BNB Hit $900?

BNB investors have started their bullish speculations after the REX Shares announcement late Tuesday, Aug. 26.

Bloomberg’s senior exchange-traded fund analyst Eric Balchunas posted on X that REX Shares, a Miami-based ETF provider specializing in alternative-strategy investment products, has filed for the BNB Staking ETF.

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Balchunas shared a screenshot of a filing for REX-Osprey BNB Staking ETF on the Cboe BZX Exchange.

The filing came after BNB reached an all-time high of $900 on Aug. 23. The BSC-based token soon saw a selloff to $840 and is currently trading at $858.

While the REX-Osprey BNB Staking ETF can act as a major catalyst for the asset, similar to the Solana Staking ETF, BNB is still seeing weak fundamental and technical indicators.

Firstly, BSC’s decentralized finance total value locked just reached above $7.5 billion, but it’s still far away from its ATH of nearly $22 billion, according to data from DefiLlama.

The flagship protocol and decentralized exchange on the network, PancakeSwap, has been seeing between 80% and 90% lower fees and revenue over the past month. The protocol’s daily fees declined from $5.15 million on July 28 to roughly $500,000 over the past 24 hours.

This shows a notable decline in the platform’s usage.

Moreover, according to the crypto analyst known as Sloo Reviews on X, traders are currently watching the $800 to $820 zone for BNB despite the announcement from REX Shares.

The analyst hinted at the massive $1 billion BNB treasury plans by YZi Labs but claimed that the asset is “at a critical point.”

If BNB loses the $800 mark, the altcoin will likely see a strong selloff from the investors.

Read original story REX Shares Files for BNB Staking ETF, Can BNB Hit $900? by Wahid Pessarlay at Coinspeaker.com

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