Key Highlights
- Bitwise’s inaugural NEAR Protocol ETF attracted $35.5 million during its first day of trading.
- The investment vehicle acquired approximately 7.2 million NEAR tokens, representing roughly 0.55% of circulating supply.
- NEAR Protocol traded at $5.38, marking a 10.2% increase within a 24-hour period.
- Analytics from Santiment indicate leverage levels were reduced compared to pre-rally metrics.
- A forthcoming protocol upgrade scheduled for around October 5 will increase NEAR token burn rates.
NEAR Protocol experienced a 10.2% price appreciation to $5.38 on Wednesday following Bitwise’s introduction of the first United States-based spot NEAR exchange-traded fund. The investment product trades on NYSE Arca under the ticker symbol NRR.
The newly launched ETF accumulated $35.5 million in assets during its inaugural trading session. This capital enabled the purchase of approximately 7.2 million NEAR tokens, equivalent to about 0.55% of the total circulating supply, based on Bitwise’s disclosures.
Relative to NEAR’s market capitalization, the launch performance was notably strong. The opening day exceeded comparable first-day performances from Bitwise’s Solana ETF and the initial US-listed XRP fund when evaluated proportionally against each respective token’s market value at their launch dates.
The ETF’s shares concluded their debut trading session at a 1.17% discount relative to the net asset value of the underlying NEAR holdings.
ETF Operational Structure
Bitwise acquires NEAR tokens proportionally as market participants buy shares, employing a mechanism comparable to spot Bitcoin ETF operations. The asset manager subsequently stakes these acquired tokens to generate network validation rewards that benefit the fund.
Bitwise published its investment rationale in a 2025 research document, issued when NEAR was trading around $2.40. The base-case projection estimated NEAR could exceed $150 by 2030, driven by AI agent adoption utilizing NEAR’s intents framework for transaction routing.
The research highlighted that NEAR currently does not impose fees on intent transaction volume, though this policy could evolve as network usage expands.
Derivatives market data reveals futures positioning decreased prior to the ETF introduction. Open interest denominated in tokens reached its peak on September 21 and subsequently declined approximately 20% by launch day, despite continued upward price momentum.
Santiment, a blockchain analytics platform, highlighted this trend in a social media update. “Spot market buyers emerged on launch day, with leverage already reduced from levels seen before the rally commenced,” Santiment reported on Wednesday.
NEAR has more than doubled in value since August. The digital asset advanced from the $2.40 to $2.60 trading band to present levels during a rally that intensified throughout September.
FXEmpire senior analyst Yashu Gola noted Wednesday that NEAR breached a significant long-term technical pattern around $3.15. He identified $12.04 as a potential upside objective should the bullish momentum persist.
Gola also designated the $3.15 to $3.30 zone as support if prices experience a correction. He characterized the current surge as potentially overextended following NEAR’s near-tripling within one month.
Protocol Upgrade to Impact Token Economics
An imminent network upgrade may further constrain NEAR’s token supply. Crypto Banter outlined the modification in a social media post.
“NEAR’s 30% developer gas rebate will be eliminated with nearcore 2.14, targeted for deployment around October 5,” Crypto Banter explained. The account noted that all transaction execution gas will be burned moving forward, with no allocation returned to smart contract developers.
Under the current mechanism, 30% of gas fees are redistributed to developers while 70% undergoes burning. Following the upgrade, the entire gas fee amount will be burned, meaning elevated application or intents activity would extract greater quantities of NEAR from circulating supply.
NEAR reached $5.55 on September 27, establishing the monthly high. Immediate overhead resistance exists near the $5.40 to $5.50 zone, a price level where recent candlesticks have encountered distribution pressure.
A sustained close above this resistance band could establish a pathway toward $6.00. Bitwise is anticipated to disclose the fund’s second trading day flow data following Wednesday’s market close.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
