NEAR Protocol (NEAR) Surges 10% Following Historic ETF Launch With $35M Inflows

Key Highlights

• Bitwise’s spot NEAR exchange-traded fund captured $35.5 million in first-day trading volume.
• The ETF acquired approximately 7.2 million NEAR tokens, representing roughly 0.55% of circulating supply.
• NEAR Protocol traded at $5.38, registering a 10.2% gain in the 24-hour period.
• Analytics platform Santiment noted that leverage levels remained subdued compared to pre-rally levels.
• A scheduled protocol upgrade around October 5 will implement increased token burning mechanisms.

NEAR Protocol posted a 10.2% advance to reach $5.38 on Wednesday following the introduction of Bitwise’s pioneering US spot NEAR exchange-traded fund. The investment vehicle commenced trading under ticker symbol NRR on NYSE Arca.

The newly launched ETF accumulated $35.5 million during its inaugural trading session. This capital acquisition translated to approximately 7.2 million NEAR tokens, constituting about 0.55% of the total circulating supply, based on Bitwise’s disclosure.

Relative to NEAR’s market capitalization, the launch figures proved substantial. The opening-day performance exceeded both Bitwise’s Solana ETF debut and the inaugural US XRP fund when normalized against each digital asset’s valuation at their respective launches.

The fund concluded its initial trading day with shares priced at a 1.17% discount relative to the net asset value of NEAR holdings within the portfolio.

ETF Operational Framework

Bitwise acquires NEAR tokens in proportion to investor share purchases, employing a mechanism comparable to spot Bitcoin ETF structures. The asset manager subsequently stakes these holdings to generate network validation rewards that accrue to the fund.

Bitwise published its investment rationale in a 2025 research document when NEAR was trading around $2.40. The base-case projection estimated NEAR could exceed $150 by 2030, driven by AI agents leveraging NEAR’s intents infrastructure for transaction routing.

The analysis acknowledged that NEAR currently imposes no fee structure on intent volume, though this policy could evolve as network utilization expands.

Derivatives market data reveals that futures positioning declined ahead of the ETF introduction. Open interest denominated in tokens reached its zenith on September 21 and subsequently contracted by approximately 20% by launch day, despite continued price appreciation.

Crypto analytics provider Santiment highlighted this development in a social media update. “Spot market participants drove demand on launch day, with leveraged positions already reduced from pre-rally peaks,” Santiment observed on Wednesday.

NEAR has more than doubled its value since August. The digital asset advanced from the $2.40 to $2.60 band to present levels during a rally that gained momentum throughout September.

FXEmpire’s senior market analyst Yashu Gola noted Wednesday that NEAR breached a significant long-term technical formation around $3.15. He identified $12.04 as a potential upside objective should the momentum persist.

Gola also designated the $3.15 to $3.30 zone as critical support in the event of a price retracement. He cautioned that the current advance appears extended following NEAR’s near-tripling over a one-month timeframe.

Protocol Upgrade to Alter Supply Dynamics

An imminent network enhancement could further constrain NEAR’s token supply. Crypto Banter outlined the modification in a social media communication.

“The 30% developer gas rebate mechanism will be eliminated with nearcore version 2.14, scheduled for approximately October 5,” Crypto Banter stated. The disclosure added that complete execution gas amounts will undergo burning procedures, with no allocation returned to smart contract operators.

Under the existing framework, 30% of transaction fees are redistributed to developers while 70% enters the burn mechanism. Following the protocol upgrade, the entire fee structure will be burned, meaning elevated application or intents activity would accelerate NEAR’s removal from circulating supply.

NEAR reached $5.55 on September 27, marking the monthly peak. Near-term resistance clusters around the $5.40 to $5.50 zone, a price level where recent trading sessions have encountered selling activity.

A sustained close above this band could establish a trajectory toward $6.00. Bitwise is anticipated to publish the fund’s second-day flow data following Wednesday’s market close.