Bitwise's NEAR ETF Launch Brings $35M in Debut Day
The launch of the first US spot NEAR ETF by Bitwise has been met with enthusiasm from investors, who poured in $35.5 million on its debut day, September 29. The fund trades under the ticker NRR on NYSE Arca and bought roughly 7.2 million NEAR tokens, about 0.55% of all coins in circulation.
The ETF's success has led to a 10.2% surge in NEAR prices over the past 24 hours, with the token trading at $5.38. This marks a significant increase from its price range of $2.40 to $2.60 in August.
Santiment, a crypto analytics firm, notes that leverage was lighter before the rally began and spot buyers appeared on launch day, which contributed to the ETF's success.
A network upgrade is also expected to impact NEAR supply, as 30% of gas fees will be burned starting around October 5. This change could further tighten the token's supply, potentially leading to increased prices in the future.