Bitwise Files for NEAR ETF, A Major Step Forward
Bitwise, one of the largest fund managers in the United States with $12 billion in assets, has made a breakthrough in the NEAR ETF proposal. Bitwise officially filed an S-1 with the US Securities and Exchange Commission (SEC) to launch a NEAR-based ETF. If approved, this could mark a major turning point for NEAR, pushing its price to new heights. Currently, other large institutions are also showing interest in the NEAR ETF.
Details About the NEAR ETF Filing
On May 6, Bitwise submitted an application to the SEC to launch the Bitwise NEAR ETF. This fund will track the value of NEAR, the native Token of the NEAR blockchain. NEAR Tokens will be stored by Coinbase Custody, a reputable company ensuring the safety of digital assets. With a license in New York, they have collaborated with many large cryptocurrency projects.
Investment Opportunity Without Direct NEAR Ownership
If the SEC approves, this will be the first ETF in the United States linked to NEAR, a blockchain with fast and developer-friendly features. This helps investors access NEAR without having to buy or store Tokens.
Interest from Other Institutions
Last month, on April 25, Bitwise registered the Bitwise NEAR ETF in Delaware. This is typically the first step before filing with the SEC to launch an actual ETF tracking NEAR's price. Bitwise is not the first to show interest. Previously, Grayscale and 21Shares had developed NEAR investment products. However, Bitwise's participation could attract more attention, capital, and new investors to NEAR.
Mixed Technical Signals
Despite the good news, the price of NEAR's native Token has not reacted strongly. Currently trading around $2.30, it has decreased 1.6% in the past 24 hours. Short-term technical indicators suggest caution. The MACD indicates declining momentum, while the RSI is at 90, suggesting NEAR is overbought. This situation hints at the possibility of a price drop unless buying pressure defends the critical support level at $2.10 and pushes NEAR back to the resistance zone of $2.70.
