NEAR Protocol Surges 180% in September, Bitwise ETF Drives Demand

NEAR Protocol has seen a remarkable 180% gain in September, with the price rising to over $5.48 at the time of writing. This surge is largely attributed to the launch of the Bitwise Exchange-Traded Fund (ETF), which has seen significant inflows. In just two trading sessions, nearly $50 million has flowed into the NEAR-focused ETF, indicating strong institutional demand for the protocol.

The NEAR ETF has been gaining momentum, with $35.99 million in inflows on its opening day, followed by $14.04 million the previous day. This suggests that institutional investors are drawn to NEAR's unique features, such as its NEAR Intents feature for confidential wallets, which offers exposure to tokenized assets.

Technical analysis indicates that NEAR Protocol's recovery is targeting $8, with the Relative Strength Index (RSI) hovering in the overbought territory. However, momentum remains strong, and a confirmed breakout above the 100% retracement level at $5.6452 could unlock further upside potential.