BNB rose more than 5% on Friday, regaining the $670 mark, after VanEck launched its exchange-traded product (ETP) linked to BNB. Along with the price recovery, BNB futures volume and open interest rose simultaneously, indicating increasing market positioning.

The launch of ETP boosted market sentiment.

The immediate catalyst for this price increase was the launch of VanEck's new product. This product provides institutional and traditional market investors with a compliant channel to access BNB exposure.

With Bitcoin and Ethereum long dominating the focus of ETFs and institutional funds, BNB has historically received less attention from institutional investors. However, the launch of ETP has increased market expectations for institutional demand for BNB, boosting interest in related assets within the Binance ecosystem.

Prices returned to near the upper end of the range.

Looking at the price action, BNB had been fluctuating between $550 and $680 for the past few months, repeatedly encountering resistance near the upper limit. Recently, the price has gradually made higher lows, finding support in the $620 to $630 range.

Friday's rally pushed prices back above $670, bringing them close to the key resistance zone of $680 to $710, an area that has repeatedly capped upward movement over the past few months.

Derivatives positions increased significantly

Data shows that in the past 24 hours, BNB futures trading volume increased by more than 86%, and open interest increased by more than 10%. This usually means that more new positions are entering the market, rather than just short-term short covering.

The market's current focus is on whether BNB can effectively break through the upper limit of its previous trading range. If buying continues, the price may break out of its months-long sideways trend; if momentum weakens, the $645 to $650 range will become a short-term support area.