NEAR Price Slumps After ETF Listing Fails to Sustain Momentum
The listing of Bitwise's NEAR ETF on Wall Street has sent NEAR Protocol's price to new heights, but the chart is sending mixed signals. The price surged to around $5.10 due to the ETF listing, but since reaching its peak at $5.57, it has been declining.
The rising volume of trade over the last couple of days indicates that the ETF listing has generated significant interest rather than a quiet rally. However, the broken trend line signifies that the previous rally has lost its structure, and a sustained amount of volume is now required for NEAR to test $5.57 again.
The ETF listing will matter in the long term since each creation requires the trust to purchase actual NEAR, transitioning demand away from crypto exchanges to a regulated investment product. The NRR intends to hold 100% of all NEAR for staking, with gross staking rewards near 4.9%, and net rewards near 3.3%.