Crypto markets turned cautious on Friday ET as a fresh wave of regulatory filings and institutional positioning data underscored how rapidly the U.S. spot ETF trade is evolving—just as risk appetite softened and derivatives liquidations spiked. The U.S. Securities and Exchange Commission (SEC) has acknowledged updated filings from VanEck and Grayscale tied to proposed exchange-traded funds tracking BNB (BNB), developments that observers say could signal incremental progress toward a new line of U.S.-listed crypto products beyond Bitcoin (BTC) and Ethereum (ETH).
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