Bitwise NEAR ETF Sees Strong Debut with $10M Daily Inflows
Bitwise's launch of the first US spot ETF for NEAR, trading as NRR, has seen over $10 million in daily inflows in its first three sessions, marking a strong debut. Hunter Horsley, Bitwise's CEO, and Sal Ternullo of Sovereign discussed the significance of this development on the Bankless podcast, emphasizing NEAR's economic model and its potential in the AI sector.
The core of NEAR's appeal lies in its ability to turn cross-chain swap activity into protocol revenue, which funds token buybacks. NEAR Intents, a system for executing desired outcomes, has processed over $32 billion in volume. Ternullo clarified that while NEAR's buybacks reduce circulating supply, they are not a deflationary mechanism like token burns in other ecosystems.
Horsley and Ternullo argue that NEAR is well-positioned for a future of fragmented AI models and blockchains. Horsley noted that at a $5 billion market cap, NEAR's valuation is likely a fraction of what AI platforms with similar traction command. Ternullo predicted that privacy-guaranteeing architecture will become essential for enterprise AI workloads within two to three years.
The NEAR ETF launch follows years of institutional research and involvement by Bitwise, including a European ETP, staking operations, and contributions to the NEAR Intents system. Horsley and Ternullo believe that NEAR's role as a simplifying force in a fragmented crypto and AI landscape makes it a compelling investment.