Bitwise Bets Big on NEAR ETF, But NEAR’s Price Doesn’t Get the Memo!

by

So, Bitwise, that massive U.S. fund manager with a whopping $12 billion under its belt, has decided to throw its hat into the NEAR ring. They’ve officially filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) to launch a NEAR-based ETF. Because, apparently, NEAR is the future (or at least Bitwise hopes it is).

If this thing gets the green light from the SEC, it could be a game-changer for NEAR, catapulting its price into the stratosphere. But hold on to your hats—other giant institutions are also circling the NEAR ETF like hungry sharks. Watch out, NEAR, they’re coming for you!

Bitwise Files for NEAR ETF—The Plot Thickens

On May 6, Bitwise made their move. They filed a request with the SEC to launch the Bitwise NEAR ETF. This fund will track the price of NEAR, the token of the NEAR blockchain. But don’t get too excited just yet—nothing’s approved. They’re still waiting on the SEC’s blessing.

The NEAR tokens will be safely guarded by Coinbase Custody, a trusted player in the digital asset world. Think of them as the digital bouncers who keep your crypto safe while you’re off doing something more important. And they’re licensed in New York, which is basically the Wall Street of crypto. So, yeah, they’ve got some serious credentials.

Bitwise has filed a Form S-1 with the U.S. SEC to launch the Bitwise NEAR ETF, which will track the value of NEAR held by the trust, net of operating expenses and liabilities.

— Wu Blockchain (@WuBlockchain) May 6, 2025

If the SEC gives this the thumbs up, it’ll be the first-ever U.S. ETF linked to NEAR—a blockchain that’s faster than a caffeine-fueled developer on deadline. Plus, it means you’ll be able to invest in NEAR without having to, you know, actually buy or store the tokens yourself. Who knew crypto could be so convenient?

Expect More NEAR ETF Filings—Like a Flood of ‘Em

Back on April 25th, Bitwise did the first step of the filing dance—registering the Bitwise NEAR ETF in Delaware. This is usually the prelude before the big SEC submission. So, don’t be surprised if you see more filings coming your way soon. Everyone’s getting in on the NEAR action now!

But Bitwise isn’t the first to jump on the NEAR train. Oh no, Grayscale and 21Shares were already trying their hand at NEAR investment products. But with Bitwise in the mix, we might see a surge of attention, cash, and fresh investors flooding in. Get your popcorn ready!

Technical Indicators: A Love-Hate Relationship with NEAR

Now, you’d think that after all this hype, NEAR’s price would be soaring. But nope, not really. As of now, it’s trading at around $2.30—down 1.6% in the last 24 hours. Ouch.

And if you take a peek at the technical indicators, things get even murkier. The MACD is throwing off some serious bearish vibes, while the RSI is flirting with 90. Yep, you read that right—90. That means NEAR is looking a little overbought. It could be a sign that a price drop is on the horizon. Be still, my beating heart!

Unless, of course, the bulls decide to step in, defend the critical support level at $2.10, and push NEAR back toward the $2.70 resistance zone. So, no pressure, bulls, but… we’re all counting on you.

Read More

2025-05-07 00:32