Near Protocol Soars as Bitwise ETF Gains Approval
The Near Protocol token [NEAR] has experienced a significant surge in value, rising by over 26% in recent days. This rebound follows a one-day correction and is fueled by both fundamental factors and network activity.
One key factor contributing to the increase is the approval of the Bitwise NEAR ETF (the Trust) to list and trade on NYSE Arca under the ticker NRR, with Coinbase as the custodian. The SEC has yet to approve or disapprove its effectiveness, but Bitwise has hinted at a potential start to trading in September 2026.
The future of the NEAR ETF is expected to have a significant impact on the token's price, with Bitwise targeting a base price of $155 by 2030 and a maximum case of $562. On the other hand, they estimate a bear case of $1.63.
On the network side, Near Intents has been driving growth in the ecosystem, with TVL (Total Value Locked) reaching a new high of $249 million since its launch. The protocol has also burned 70% of base-layer gas and used revenue to buy back NEAR from the open market, reducing supply in circulation.