NEAR price jumps 10.2% as Bitwise launches first US spot NEAR ETF with $35.5M inflows on day one
NEAR Protocol's price surged 10.2% to $5.38 following the launch of Bitwise's first US spot NEAR exchange-traded fund (ETF), which attracted $35.5 million in capital inflows on its first day. The ETF acquired about 7.2 million NEAR tokens, representing 0.55% of the circulating supply, marking a strong debut compared to previous Bitwise ETFs. Market data shows reduced leverage ahead of the launch, and an upcoming network upgrade around October 5 will increase token burning by eliminating a developer gas fee rebate, potentially reducing NEAR's circulating supply further. Analysts see key price support around $3.15 and potential upside to $12 if bullish momentum continues.
NEAR Protocol's price surged 10.2% to $5.38 following the launch of Bitwise's first US spot NEAR exchange-traded fund (ETF), which attracted $35.5 million in capital inflows on its first day. The ETF acquired about 7.2 million NEAR tokens, representing 0.55% of the circulating supply, marking a strong debut compared to previous Bitwise ETFs. Market data shows reduced leverage ahead of the launch, and an upcoming network upgrade around October 5 will increase token burning by eliminating a developer gas fee rebate, potentially reducing NEAR's circulating supply further. Analysts see key price support around $3.15 and potential upside to $12 if bullish momentum continues.
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