Near Protocol's Trading Volume Plummets by 36% Amid Consolidation Phase
Near Protocol (NEAR) has seen a sharp decline in trading activity over the past 24 hours, with spot volume plummeting by 36% to around $39 million according to CoinGlass data. This drop is despite futures volume still remaining significantly higher at about $302 million.
The decrease in spot activity suggests that many traders may have moved to the sidelines following Near's explosive rally earlier this year that pushed its price above $3. Since then, speculative interest has cooled and volatility has decreased as the asset enters a protracted consolidation phase.
Exchange-specific data also points to a slowdown, with Binance seeing over 30% drop in spot volume, OKX and Bybit reporting drops of more than 38%, and KuCoin experiencing an even more dramatic decline of almost 57%. This suggests that the slowdown is not limited to a single venue.
Despite lower spot demand, derivatives positioning remains generally positive, with major exchanges' long/short ratios favoring bulls. The top traders on Binance continue to hold more long than short positions, and liquidation data indicates that long positions accounted for the majority of forced closures over the last 24 hours.