Bitwise Drops NEAR ETF Bomb—Market Yawns as Price Stagnates

Wall Street’s latest crypto ETF play lands with a thud. Bitwise just filed an S-1 for a NEAR-focused fund—normally rocket fuel for altcoins—but NEAR’s chart looks flatter than a banker’s personality.

Why no moon mission? Traders might be ETF-fatigued after the Bitcoin and Ether frenzy, or maybe they’re waiting to see if this filing actually gets past the SEC’s ’innovation prevention department.’

One thing’s clear: in crypto, even ’bullish’ institutional moves can’t always move the needle—especially when the market’s busy chasing the next shiny object.

Bitwise, one of the biggest U.S. fund managers with $12 billion in assets under management, has taken a massive step in a NEAR ETF application. Bitwise has officially filed a Form S-1 with the U.S. Securities and Exchange Commission (SEC) to launch a NEAR-based ETF.

If approved, this could be a major turning point for NEAR, pushing its price to the next level. Meanwhile, other giant institutions are also eying now for Near ETF.  

Bitwise Files for NEAR ETF 

On May 6, Bitwise sent a filing to the U.S. SEC to launch a new ETF called the Bitwise NEAR ETF. This fund will follow the price of NEAR, the native token of the NEAR blockchain.

The NEAR tokens will be held by Coinbase Custody, a trusted company that keeps digital assets safe. They are licensed in New York and already work with big crypto projects.

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. https://t.co/dUCKFpx5i7

If the SEC approves it, this would become the first U.S. ETF linked to NEAR, a fast and developer-friendly blockchain. Meanwhile, this will let people invest in NEAR without needing to buy or store the token themselves.

More Filings Incoming For NEAR ETF

Last month, on April 25th, Bitwise registered the Bitwise NEAR ETF in Delaware. This is usually the first step before filing with the SEC to launch a real ETF that tracks NEAR’s price.

Bitwise isn’t the first to show interest. Before this, Grayscale and 21Shares have already made NEAR investment products. But Bitwise jumping in now could bring more attention, money, and new investors to NEAR.

Technical Indicators Show Mixed Signals

Despite the positive news, NEAR Protocol native token NEAR’s price hasn’t reacted strongly yet. As of now, it is trading around $2.30, reflecting a drop of 1.6% seen in the last 24 hours. 

However, the short-term technical indicators suggest some caution. The MACD is signaling bearish momentum, while the RSI is now at 90, suggesting that NEAR is overbought. This setup hints that a price drop could be near.

Unless the bulls manage to defend the key support at $2.10 and push NEAR back up toward the $2.70 resistance zone.