TLDR
- Bitwise’s spot NEAR ETF pulled in $35.5 million on its first trading day.
- The fund bought about 7.2 million NEAR, roughly 0.55% of the circulating supply.
- NEAR traded at $5.38, up 10.2% over 24 hours.
- Santiment says leverage was lighter than before the rally started.
- An upcoming network upgrade will burn more NEAR starting around October 5.
NEAR climbed 10.2% to $5.38 on Wednesday after Bitwise launched the first US spot NEAR ETF. The fund trades under the ticker NRR on NYSE Arca.
The ETF took in $35.5 million on its opening day. That bought roughly 7.2 million NEAR, about 0.55% of all coins in circulation, according to Bitwise.
For NEAR’s market size, the debut was large. It topped the first day of Bitwise’s Solana ETF and the first US XRP fund, when measured against each token’s value at launch.
Day 1 trading stats for the Bitwise NEAR ETF (NRR), the first spot NEAR ETP in the U.S.:
AUM: $36 million
Net inflows: $35.5 million
Volume: $15.1 millionA hot start by NRR investors and a major milestone for @NEARProtocol. pic.twitter.com/409xmuxKOK
— Bitwise (@Bitwise) September 29, 2026
The fund’s shares closed their first session at a 1.17% discount to the value of the NEAR held inside it.
How the Fund Works
Bitwise buys NEAR as investors purchase new shares, similar to how spot Bitcoin ETFs operate. The firm then stakes those tokens to earn network rewards for the fund.
Bitwise laid out its thesis in a 2025 report, when NEAR traded near $2.40. Its central case put NEAR above $150 by 2030, tied to AI agents using NEAR’s intents system to route transactions.
The report noted NEAR does not currently charge a fee on intent volume, something that could change if usage grows.
Trading data shows futures positioning cooled before the ETF launch. Open interest, measured in tokens, peaked on September 21 and fell by about a fifth by launch day even as price kept rising.
Santiment, a crypto analytics firm, pointed to this shift in a post on X. “Spot buyers showed up on launch day, with leverage already lighter than before the run began,” Santiment wrote on Wednesday.
NEAR has more than doubled since August. The token moved from the $2.40 to $2.60 range to current levels in a rally that accelerated through September.
FXEmpire senior analyst Yashu Gola wrote Wednesday that NEAR broke above a long-term chart pattern near $3.15. He pointed to $12.04 as a possible target if the move continues.
Gola also named $3.15 to $3.30 as support if the price pulls back. He flagged the current rally as overheated after NEAR nearly tripled in a month.
Supply Changes Ahead
A network upgrade could tighten NEAR’s supply further. Crypto Banter detailed the change in a post on X.
“NEAR’s 30% developer gas rebate comes off with nearcore 2.14, targeted around October 5,” Crypto Banter wrote. The account added that all execution gas will be burned going forward, with no portion returned to contract owners.
🚨NEAR IS ABOUT TO START BURNING MORE SUPPLY!
NEAR’s 30% developer gas rebate comes off with nearcore 2.14, targeted around October 5.
The rebate was a kickback. When someone used a contract, 30% of the gas went back to the contract owner and 70% got burned.
After the upgrade,… pic.twitter.com/ZmXWpohc5j
— Crypto Banter (@crypto_banter) September 30, 2026
Previously, 30% of gas fees went back to developers while 70% was burned. After the upgrade, the full amount burns, and higher app or intents activity would remove more NEAR from supply.
NEAR hit $5.55 on September 27, its high for the month. Immediate resistance sits near $5.40 to $5.50, a level where recent candles have met selling pressure.
A close above that range could open the path toward $6.00. Bitwise is expected to report the fund’s second-day inflow figures after Wednesday’s close.
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