Near Surges to One-Year High on Bitwise Spot ETF Filing

Near Protocol's (NEAR) price surged to its highest level in one year on Sunday, outperforming Bitcoin and the broader altcoin market. The catalyst for this growth was the final prospectus filing by Bitwise for a spot NEAR exchange-traded fund (ETF). The proposed ETF plans to stake all of its NEAR holdings and pass most of the proceeds to shareholders.

Near Protocol's one-year return has climbed to about 96%, after turning positive in mid-September. In comparison, Bitcoin gained only 0.6% over the same period, lagging behind the altcoin momentum driven by ETF news.

Analyst Michaël van de Poppe warned that he was cutting exposure to the rally, saying 'I don't think we'll see much more upside yet' and suggesting investors wait for a correction before building long-term positions.