NEAR Protocol traded near $4.97 on September 29, down 4.62% over 24 hours, despite gaining more than 15% during the week. The token held above $4.90 following Bitwise's launch of the first U.S. spot exchange-traded product tracking NEAR.
The broader crypto market rose 0.69% to $2.9 trillion during the same period, providing some support to NEAR. Bitcoin hovered around $84,000, Ether traded near $2,700, XRP stood above $1.50, and Solana price held above $120. However, NEAR still faced selling pressure around the $5.00 level.
Bitwise NEAR ETF Begins Trading
Bitwise's NEAR ETF began trading on NYSE Arca on September 29 under the ticker NRR. The product holds NEAR directly, giving shareholders exposure through a conventional brokerage account with shares trading during regular exchange hours. Its annual management fee is 0.75%.
Bitwise intends to stake the fund's tokens through its institutional team. The company cited a current network staking rate of approximately 5%, with rewards accruing to the fund's value rather than providing shareholders with fixed cash payments.
The launch extends Bitwise's single-asset lineup beyond Bitcoin and Ether to several other crypto assets, including funds tied to Solana, XRP, and Hyperliquid.
NEAR Intents Volume Growth
Bitwise highlighted NEAR's role in transactions involving artificial intelligence agents. The company noted that NEAR Intents has processed more than $32 billion in cumulative volume, compared with less than $1 billion roughly one year earlier.
Technical Levels
A four-hour chart reading placed NEAR around $4.93, following a sharp September advance from roughly $2.00 to above $5.00. The four-hour relative strength index stood at 51.57, close to neutral territory, while the MACD line remained below its signal line with a negative histogram.
Key support levels to monitor include $4.70 and $4.50, with resistance near $5.30.
