VanEck has submitted a proposal for a Spot BNB ETF, marking the initial effort to establish an exchange-traded fund based on the token. This move is part of a growing trend of altcoin ETF applications being filed, creating a sense of optimism within the cryptocurrency industry.

It is currently uncertain how likely the SEC is to approve this particular filing. Changpeng "CZ" Zhao suggested at a recent conference that the current focus of the market cycle is on Bitcoin ETFs, but altcoin offerings are expected to increase in importance.

The emergence of the first BNB ETF by VanEck highlights the increasing number of altcoin ETF applications being submitted. Over 70 active filings for altcoin ETFs were reported just two weeks ago, with anticipation that some will receive approval.

CZ revealed VanEck's application for a BNB spot ETF, following their earlier step of establishing a relevant statutory trust in Delaware, a standard process for launching new crypto ETFs. The approval likelihood remains uncertain, but due to BNB being among the largest cryptocurrencies, it may have an edge.

The consideration of a US-based ETF by Binance demonstrates the recent progress of BNB. Despite facing legal challenges in 2023, major exchanges like Kraken are starting to relist BNB as it gains momentum, with its price already on the rise prior to the recent announcement.

While CZ and Jan Van Eck were both present at the Token2049 conference, their direct interaction remains unconfirmed. Analyst Eric Balchunas pointed out that CZ's comments at the conference regarding the market cycle and the potential for altcoin ETFs may provide insights into the probability of the BNB ETF.

The surge in altcoin ETF applications may delay SEC decisions until October, offering some indication of the SEC's stance on these products, though the fate of the BNB ETF filing may take longer to be determined.