Bitwise has strengthened its proposed spot NEAR ETF with a staking feature in a new SEC filing, helping drive NEAR nearly 12% higher as the token broke above a multi-week downtrend.
Summary
- Bitwise has updated its proposed spot NEAR ETF, adding staking while naming NYSE Arca, BNY Mellon, and Coinbase Custody in the filing.
- NEAR jumped nearly 12% as the ETF amendment coincided with a breakout above multi-week descending resistance and improving momentum indicators.
- Analyst Michaël van de Poppe expects further upside if key support holds, while Grayscale has also advanced its own NEAR ETF proposal.
According to a revised S-1 registration statement submitted to the U.S. Securities and Exchange Commission, Bitwise has amended its proposed spot NEAR ETF for a second time, adding staking as a source of potential rewards alongside the fund’s primary objective of tracking the value of NEAR held by the trust.
The filing also confirms that the ETF is intended to list on NYSE Arca, while The Bank of New York Mellon will act as cash custodian, administrator and transfer agent, with Coinbase Custody safeguarding the fund’s digital assets.
The amendment also expands disclosures covering staking-related tax treatment, redemption liquidity and cryptocurrency market risks. Bitwise has not yet disclosed the ETF’s ticker symbol or management fee, and the proposal remains subject to SEC approval.
ETF filing coincides with a technical breakout
The revised filing arrived as NEAR staged one of its strongest rallies in weeks.
According to data from crypto.news, NEAR Protocol (NEAR) climbed nearly 12% to around $2.04 on July 3, extending a recovery that began earlier in the week. While the ETF amendment alone cannot be credited for the move, it arrived as the token was testing a critical technical level, providing a catalyst that coincided with a bullish breakout already taking shape.
On the four-hour chart, NEAR broke above a descending trendline that had capped every rally since the token peaked near $2.56 in mid-June. The breakout also carried price back above the 61.8% Fibonacci retracement level at roughly $2.04, a level many traders monitor for confirmation that buyers are regaining control after a prolonged correction.
Momentum indicators also turned more constructive. The Moving Average Convergence Divergence indicator maintained a bullish crossover with a rising positive histogram, while the Aroon indicator showed Aroon Up at 100 and Aroon Down near 14, signaling that buyers currently dominate the short-term trend.
If the breakout holds, the next resistance levels lie around $2.14 and $2.24, followed by the $2.36 region. A successful move through those levels could open the way for a retest of the June high near $2.56, while the former breakout area around $1.90 has become the first key support.
Analysts see improving market structure
Adding to the bullish technical picture, analyst Michaël van de Poppe said he increased his NEAR position around $1.82, describing the recent weakness as an attractive accumulation opportunity.
According to van de Poppe, NEAR is “clearly breaking back into an uptrend” after defending support near €1.70 (around $2.00). He added that holding this area could pave the way for a rally toward €2.20-€2.30 (roughly $2.58-$2.70), which he said would strengthen the case for new highs later in the summer.
The improving chart structure broadly aligns with that outlook. After several weeks of setting lower highs, NEAR has now established a higher low, reclaimed a key Fibonacci level and broken through descending resistance.
Although continued buying volume will be needed to confirm the reversal, the combination of Bitwise’s updated ETF filing, strengthening momentum indicators and renewed institutional interest has improved the token’s near-term technical outlook.
Institutional demand for NEAR investment products has also been building elsewhere. Earlier, crypto.news reported that Grayscale filed an amended registration statement for its own proposed spot NEAR ETF, adding another issuer to the growing race to launch regulated investment products tied to the network.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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