Key Insights:
- NEAR’s breakout from a falling wedge sets the stage for a 25% rise.
- Strong support at $2.50 suggests a bullish reversal in the near term.
- Bitwise NEAR ETF launch could enhance $NEAR’s market growth and adoption.
NEAR price has entered a strong uptrend after technical signals confirmed a shift in momentum. Alongside the recent market movement, Bitwise Asset Management has registered for a NEAR-based ETF, marking a new milestone in institutional access to the asset.
Technical Pattern Shows Clear Reversal Signal
According to chart analysis from LLuciano_BTC, NEAR has broken out of a falling wedge pattern, which had been forming since late 2024. This technical structure is widely observed in markets and often indicates a reversal from downward price pressure to upward movement.
After the wedge breakout, NEAR also moved above a key descending trendline. This combination of two breakout signals suggests that momentum has changed. The price then entered a support area labeled the green box on the chart, where a short-term 25% gain was already recorded. Analysts are watching for further movement toward projected resistance levels, starting around $3.55 and possibly extending beyond $8.00.
NEAR Futures Data Confirms Bullish Sentiment
The latest futures data provides additional understanding about the price breakout pattern. Since mid-April, the NEAR OI-Weighted Funding Rate has maintained continuously rising levels. Long traders currently provide money to short traders through the positive funding rate, therefore indicating they expect prices to keep rising.
In February and March, funding rates stayed negative, showing that short sellers dominated the market during that time. Starting in early April, as funding rates turned positive, the spot price began to recover. This shift suggests that traders opened more long positions, reflecting growing bullish sentiment across the market.
During the month of April the prices of funding hovered at consistently positive levels above the neutral baseline. The steady increase in open long positions shown by futures traders demonstrates their low risk tolerance while NEAR maintained its upward movement.
Bitwise Registers NEAR ETF Entity in the United States
The positive chart signals from NEAR demonstrate the rising market confidence of both futures traders and retail investors, but institutional participation may open soon. The company Bitwise Asset Management submitted trust entity registration paperwork to Delaware, where they established “Bitwise NEAR ETF” as the name of the new trust entity.
Natural registrations serve as early markers that lead to submitting the official S-1 document with the Securities and Exchange Commission (SEC) in the United States. A regulatory approval from the SEC will make this the initial exchange-traded fund available in the United States for NEAR Protocol. The ETF would provide institutions with a structured mechanism through its regulated exchange-traded format to access the NEAR token at its market price.
The NEAR ETF will become one of multiple products offered by both 21Shares and Grayscale. The existing European NEAR exposure products, as well as private placement options, are operated by these companies. Maximum market penetration for the Bitwise NEAR ETF will happen as it becomes the first product in the U.S. market launched through this structured format.
Bitwise Expands ETF Strategy with NEAR Trust Registration
Bitwise extends its digital asset product range through continuous business expansion. The firm operating under the name Bitwise maintained assets totaling more than $5 billion in October of 2024. Since January 2024 the spot Bitcoin ETF from Bitwise has reached an asset value of $3.6 billion. The Bitwise management team continues registration work for ETF listings to include Dogecoin, Solana and XRP alongside other digital tokens.
The recent initiative from Bitwise comes during an exceptional period of rising crypto ETF market demand. SEC officials slowed down their evaluation process of altcoin ETF applications from both Grayscale and Canary Capital during their recent regulatory period. The Bitwise filing reveals that its staff believes more tokens will gain ETF approval from regulators soon.
The Bitwise NEAR ETF has been classified as a trust service entity under Delaware state records. The document functions as an ETF prospectus foundation which will launch as a listed product when the SEC approves the filing.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Olivia Stephanie is a FinTech enthusiast with a keen understanding of financial markets. Her passion for economics and finance has led her to explore emerging blockchain technology and cryptocurrency markets.