Key Highlights
- Bitwise’s inaugural spot NEAR ETF attracted $35.5 million in first-day trading volume.
- The exchange-traded fund acquired approximately 7.2 million NEAR tokens, representing 0.55% of circulating supply.
- NEAR’s price reached $5.38, marking a 10.2% increase within 24 hours.
- Analytics platform Santiment reports reduced leverage levels compared to pre-rally conditions.
- A scheduled network update will implement increased token burning mechanisms around October 5.
NEAR Protocol experienced a 10.2% price surge to $5.38 on Wednesday following the introduction of Bitwise’s groundbreaking US spot NEAR exchange-traded fund. The investment vehicle operates under the NRR ticker symbol on NYSE Arca.
During its inaugural trading session, the ETF secured $35.5 million in capital inflows. This investment translated to approximately 7.2 million NEAR tokens, constituting roughly 0.55% of the total circulating supply, based on Bitwise data.
Relative to NEAR’s market capitalization, the launch performance was exceptional. The debut surpassed both Bitwise’s Solana ETF and the first US XRP fund when normalized against each token’s market value at their respective launches.
The ETF’s shares concluded their opening day at a 1.17% discount relative to the net asset value of the underlying NEAR holdings.
ETF Mechanics Explained
Bitwise acquires NEAR tokens as market participants buy ETF shares, mirroring the operational model of spot Bitcoin exchange-traded funds. The asset manager subsequently stakes these holdings to generate network validation rewards that benefit the fund.
Bitwise published its investment thesis in a 2025 analysis when NEAR was trading around $2.40. The firm’s base scenario projected NEAR exceeding $150 by 2030, driven by AI agents leveraging NEAR’s intents infrastructure for transaction processing.
The analysis acknowledged that NEAR currently does not impose fees on intent transaction volume, though this policy could evolve as network adoption expands.
Derivatives market data reveals futures positioning declined ahead of the ETF introduction. Open interest denominated in tokens reached its zenith on September 21, then decreased by approximately 20% by launch day despite continued price appreciation.
Crypto analytics provider Santiment highlighted this development in an X platform update. “Physical buyers emerged on launch day, with leveraged positions already reduced from pre-rally levels,” Santiment observed on Wednesday.
NEAR has appreciated more than 100% since August. The digital asset climbed from a $2.40 to $2.60 trading range to present levels during a rally that intensified 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 bullish momentum persist.
Gola also designated the $3.15 to $3.30 zone as key support in the event of a price retracement. He cautioned that the current advance appears extended after NEAR nearly tripled over a one-month period.
Upcoming Token Economics Modification
An imminent protocol enhancement could further constrain NEAR’s token supply. Crypto Banter outlined the modification in an X platform communication.
“NEAR’s 30% developer gas fee rebate will be eliminated with nearcore 2.14, scheduled for approximately October 5,” Crypto Banter reported. The source added that all transaction gas fees will be burned moving forward, with no allocation returned to smart contract deployers.
NEAR’s 30% developer gas rebate comes off with nearcore 2.14, targeted around October 5.
The rebate was a kickback. When someone used a contract, 30% of the gas went back to the contract owner and 70% got burned.
After the upgrade,… pic.twitter.com/ZmXWpohc5j
— Crypto Banter (@crypto_banter) September 30, 2026
Under the existing framework, 30% of gas fees are rebated to developers while 70% undergoes burning. Following the protocol upgrade, the entire fee amount will be burned, meaning elevated application or intents activity would accelerate NEAR’s removal from circulation.
NEAR touched $5.55 on September 27, establishing the monthly peak. Near-term resistance clusters around the $5.40 to $5.50 zone, a price level where recent candlesticks have encountered distribution pressure.
A decisive close above this resistance band could establish a trajectory toward $6.00. Bitwise is anticipated to disclose the fund’s second-day capital flow data following Wednesday’s market close.
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