NEAR Surges Past Bitcoin After Bitwise Files Spot ETF Prospectus
Near Protocol (NEAR) has surged to its highest level in one year, outperforming Bitcoin and the broader altcoin market. This comes after Bitwise filed the final prospectus for a spot NEAR exchange-traded fund (ETF). The proposed ETF plans to stake NEAR holdings, passing most rewards to investors.
The token's price has been trading around $5 over the past 24 hours, with NEAR gaining more than 7% on the day. In comparison, Bitcoin's price managed only a 0.6% increase over the same stretch and has not yet recovered the $85,000 range it gave up earlier in the week.
Near Protocol's one-year return has climbed to about 96%, having turned positive in mid-September after sitting as much as 60% in the red in February.
Not everyone is chasing this momentum, though. Analyst Michaël van de Poppe said he was cutting exposure to the rally, citing that he doesn't think they'll see much more upside yet and is looking to derisk a little more here in these ranges.