NEAR Protocol's price rose toward $5.10 after Bitwise listed the first U.S. spot NEAR ETF, then pulled back from a $5.57 peak. Traders now watch whether the fund's inflows and network activity can hold the rally, or whether fading demand exposes the $4.60 support level.
NEAR Protocol is testing whether its first U.S. spot ETF listing can extend September's rally into a fresh leg higher. The ETF listing pushed the price to around $5.10, but the token has been declining since it peaked at $5.57.
The move matters because NEAR had already shifted from a strong uptrend into a $4.60–$5.57 range, leaving buyers with a defined level of resistance. Trading volume over the last couple of days climbed to around $1.2 billion to $1.3 billion, a sign the ETF listing drew real interest rather than a quiet rally. Yet the broken trend line shows the previous rally lost its structure, so sustained volume is now required. If demand holds, NEAR could test $5.57 again; if volume fades, the ETF impact may prove short-lived and expose $4.60.
Bitwise's NRR fund opens an institutional channel
Bitwise's NEAR ETF, trading under the ticker NRR, gives NEAR a new demand source by creating regulated U.S. access to the token. The fund's first session brought in approximately $35.99 million in net inflows, lifting total assets to roughly $36.5 million. Each ETF creation requires the trust to buy actual NEAR, and these purchases are likely to shift demand away from crypto exchanges toward a regulated investment product.
NRR also intends to stake 100% of the NEAR it holds. Gross staking rewards run near 4.9%, while net rewards sit near 3.3%. Larger inflows could therefore grow both ETF assets and staked supply, so ongoing creations would support NEAR's longer-term demand, while fading inflows would limit the fund's long-term potential.
Intents activity adds a second demand signal
Beyond the ETF, NEAR's Intents platform has processed $32.79 billion in lifetime volume, with $1.17 billion moving in the past seven days and $213.7 million in the most recent 24 hours across 36 supported chains and 202 total assets. The activity has also generated $51.5 million in fees, pointing to tangible economic use that stands apart from the ETF-driven price action.
Source: AMBCrypto
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