NEAR Soars as Bitwise Revamps ETF Filing with Staking Boost

Bitwise has enhanced its application for a spot NEAR ETF by incorporating a staking feature in a recent SEC submission, contributing to a nearly 12% rally in NEAR as it broke a multi-week downtrend.

In a newly amended S-1 registration statement submitted to the U.S. Securities and Exchange Commission, Bitwise has made a second modification to its proposed spot NEAR ETF by introducing staking as an additional potential reward, alongside its main goal of tracking the NEAR value held by the fund.

The filing clarifies that the ETF is set to be listed on NYSE Arca, with The Bank of New York Mellon acting as the cash custodian, administrator, and transfer agent, while Coinbase Custody will secure the fund’s digital assets.

This amendment also elaborates on various aspects including tax implications related to staking, liquidity for redemptions, and risks in the cryptocurrency market. Currently, Bitwise has not revealed the ETF’s ticker symbol or management fees, and the submission is still pending SEC approval.

ETF Submission Aligns with Technical Breakout

The updated filing coincided with NEAR experiencing one of its most substantial rallies in recent weeks.

As reported by crypto.news, NEAR Protocol (NEAR) rose nearly 12% to approximately $2.04 on July 3, continuing a recovery trend that started earlier that week. Although the ETF amendment is not solely responsible for this uptick, it occurred when the token was testing a crucial technical barrier, serving as a catalyst for the bullish breakout that had already been underway.

Based on the four-hour chart, NEAR has surpassed a descending trendline that has constrained previous rallies since the token peaked near $2.56 in mid-June. This breakout also moved the price above the 61.8% Fibonacci retracement level at around $2.04, a critical threshold many traders watch for confirmation that buyers are regaining dominance following a lengthy correction.

Moreover, momentum indicators have turned more favorable. The Moving Average Convergence Divergence (MACD) indicator has maintained a bullish crossover with a rising positive histogram, while the Aroon indicator recorded Aroon Up at 100 and Aroon Down near 14, indicating that buyers currently dominate the short-term trajectory.

If this breakout successfully holds, resistance levels are estimated to lie around $2.14 and $2.24, with the $2.36 zone following. Progress through these levels could trigger a retest of the June high near $2.56, while the previous breakout region around $1.90 is now the first significant support.

Analysts Optimistic About Market Structure

Adding to the positive technical outlook, analyst Michaël van de Poppe mentioned that he augmented his NEAR positions at around $1.82, stating that the recent dips presented an enticing accumulation chance.

Van de Poppe noted that NEAR is “clearly returning to an uptrend” after holding support near €1.70 (approximately $2.00). He also mentioned that maintaining this support could set the stage for a movement towards €2.20-€2.30 (roughly $2.58-$2.70), which could support a case for new highs in the late summer.

The strengthening chart setup is in line with this forecast. After several weeks of forming lower highs, NEAR has now created a higher low, regained a key Fibonacci level, and broken through descending resistance.

Although ongoing buying volume will be essential to solidify the reversal, the combination of Bitwise’s updated ETF filing, strengthening momentum indicators, and renewed institutional interest has positively influenced the token’s short-term technical outlook.

Interest from institutional investors in NEAR-related investment vehicles is also on the rise. As previously reported, Grayscale has submitted an amended registration statement for its proposed spot NEAR ETF, adding another player to the increasing competition for launching regulated investment products linked to the network.