NEAR Protocol’s Bullish Surge: Bitwise Europe Fuels Momentum with New Staking ETP

NEAR Protocol just got a institutional-grade boost—Bitwise Europe rolls out a staking ETP, lighting a fire under its already bullish structure.

Why it matters: When traditional finance players start packaging crypto yield products, you know the game’s changed. Even the skeptics can’t ignore the staking gold rush now.

The fine print: This isn’t your grandma’s ETF. Bitwise’s move signals growing confidence in NEAR’s tech—and a desperate scramble by institutions to grab yield wherever it hides (after burning themselves on ‘safe’ bonds).

Bottom line: The NEAR chart’s singing, the suits are buying, and the blockchain’s sharding tech just got a backstage pass to Wall Street. Cue the ‘decentralization theater’ applause.

NEAR derivatives market data | Source| CoinGlass

Bitwise NEAR ETP live on Deutsche Börse Xetra

Bitwise Europe announced the launch of the NEAR staking ETP on Deutsche Börse Xetra, a German electronic exchange, on Wednesday, offering regulated exposure to one of the leading blockchains in the AI sector.

The staking ETP will trade under the ticker NEAR and FORM part of Bitwise’s strategic European suite of index-linked staking initiatives. Bitwise stated that the ETP has been designed to stake the NEAR it holds, targeting approximately 5.5% in additional returns after accounting for staking fees. Much of the NEAR held will be used to provide liquidity on regulated exchanges.

“NEAR was built to power a new kind of internet—one where AI serves people, not platforms. This ETP brings that vision closer to investors worldwide,” co-founder of Near Foundation, Illia Polosukhin, said.

Near Protocol continues to advance its blockchain infrastructure to support user-owned AI systems. Such systems make AI-to-human transactions possible. NEAR is the second-largest AI token, with a market capitalization of $2.8 billion, slightly lower than Bittensor (TAO), which is valued at $2.9 billion.

Technical outlook: NEAR rebounds, targeting 23% move 

Near Protocol’s price is trading above two key levels, including the 100-day Exponential Moving Average (EMA), currently at $2.17, and the 50-day EMA at $2.15. This bullish structure follows the establishment of an inverse head and shoulders (H&S) pattern, as shown on the daily chart, as well as the subsequent technical breakout above the neckline resistance at around $2.23.

The breakout extended to intraday highs of $2.36 before NEAR retreated, almost retesting the pattern’s neckline, which had turned into support at $2.23. 

Based on the Moving Average Convergence Divergence (MACD) indicator, which has maintained a buy signal from Wednesday, the path of least resistance could stay upward. As long as the blue MACD line remains above the red signal line, traders will be encouraged to increase their exposure, thereby bolstering bullish momentum.

NEAR/USDT daily chart

The inverse H&S pattern projects a 23% breakout to $2.74, a target determined by the height of the pattern, extrapolating above the breakout point. 

Traders may temper their bullish expectations, especially if the 200-day EMA resistance at $2.26 caps further price increases. If profit-taking activities increase overhead pressure, investors may look for support at the 100-day EMA, around $2.23 and the 50-day EMA at $2.17.

Open Interest, funding rate FAQs

How does Open Interest affect cryptocurrency prices?

Higher Open Interest is associated with higher liquidity and new capital inflow to the market. This is considered the equivalent of increase in efficiency and the ongoing trend continues. When Open Interest decreases, it is considered a sign of liquidation in the market, investors are leaving and the overall demand for an asset is on a decline, fueling a bearish sentiment among investors.

How does Funding rates affect cryptocurrency prices?

Funding fees bridge the difference between spot prices and prices of futures contracts of an asset by increasing liquidation risks faced by traders. A consistently high and positive funding rate implies there is a bullish sentiment among market participants and there is an expectation of a price hike. A consistently negative funding rate for an asset implies a bearish sentiment, indicating that traders expect the cryptocurrency’s price to fall and a bearish trend reversal is likely to occur.