Bitwise Unveils Staking ETP, Sending NEAR Protocol Up 8%

NEAR Token Rises 7.6% Following Bitwise’s Launch of European Staking ETP

Bitwise has introduced a new staking exchange-traded product (ETP) for NEAR Protocol in Europe, offering investors a regulated opportunity to benefit from NEAR’s price appreciation and staking rewards. This launch sparked a notable price increase for NEAR on Wednesday.

The NEAR token, known for supporting AI-powered smart contracts and decentralized apps, climbed 7.6% in 24 hours—from $2.09 to a high of $2.18. The announcement of the staking ETP has generated renewed optimism about institutional demand for NEAR.

Technical Overview:

• NEAR rebounded sharply from $2.09 to $2.13 between July 1, 15:00 UTC, and July 2, 14:00 UTC.
• Early on July 2, the price surged to $2.18 between 04:00 and 06:00 UTC, accompanied by trading volumes of 4.56 million and 3.76 million NEAR, significantly above the daily average.
• The token’s price range during this period was $0.16, reflecting a 7.6% gain, with support found at $2.02 and resistance at $2.17.
• NEAR maintained levels above $2.11 late in the session, suggesting the formation of a solid support zone.
• During the last hour of trading (13:06–14:05 UTC), NEAR’s price oscillated between $2.13 and $2.15, before settling back to $2.13, confirming resistance at $2.15 and support at $2.13.
• Volume peaked at 13:48 UTC with over 131,000 tokens traded, reinforcing the bullish momentum.
• The session closed with NEAR consolidating around $2.14, posting a slight hourly gain of 0.5%, indicating potential for continued upward movement.

Bitwise’s launch of the NEAR staking ETP provides a streamlined and regulated path for European investors to participate in NEAR’s staking ecosystem, adding confidence and momentum to the token’s price outlook.