Follow the recent trend of BNB, and it indeed feels like a roller coaster ride. The price fluctuates between peaks and depths, and the underlying game of forces behind it is worth pondering.

Let's first look at the positive side. Asset management giant VanEck has already submitted an application for a spot BNB ETF. What does this mean? Once approved, traditional financial capital could flood in, which is a substantial positive for the token's price. At the same time, the official BNB Chain roadmap for 2026 also sends positive signals—performance improvements and ecosystem enhancements, all of which are concrete development commitments.

But risks should not be underestimated. Regulatory attitudes toward cryptocurrencies have always been a variable, especially regarding the regulation of staking services, which is currently the biggest uncertainty. Coupled with the inherent volatility of the entire crypto market, sentiment often outweighs fundamentals—this systemic risk is difficult to avoid.

In plain terms, the future of BNB depends on how these factors evolve.