NEAR Token Spikes 7.6% After Bitwise Unveils European Staking ETP
European investors have gained a fresh avenue for staking exposure to NEAR Protocol, thanks to a new exchange-traded product (ETP) launched by Bitwise. The announcement drove a significant uptick in NEAR’s price on Wednesday, underscoring growing institutional interest in the blockchain platform.
NEAR, which underpins AI-enabled smart contracts and decentralized applications, climbed 7.6% in the last day, surging from $2.09 to a peak of $2.18. The rally followed Bitwise’s introduction of a NEAR staking ETP tailored to European markets, providing investors a way to benefit from both the token’s price movements and staking returns.
Technical Insights:
- NEAR staged a sharp reversal, rising from $2.09 to $2.13 between July 1 at 15:00 UTC and July 2 at 14:00 UTC.
- A key breakout occurred early on July 2, pushing prices to $2.18 between 04:00 and 06:00 UTC. Volumes during this window soared to 4.56 million and 3.76 million NEAR respectively, exceeding the average daily volume.
- The token moved within a $0.16 range for a 7.6% gain, establishing support at $2.02 and encountering resistance at $2.17.
- Toward the end of the trading session, NEAR maintained levels above $2.11, indicating a new potential support area amid ongoing buying interest.
- From 13:06 to 14:05 UTC, NEAR fluctuated between $2.13 and $2.15 before closing back at $2.13. This trading established resistance at $2.15 and support at $2.13.
- Trading volumes peaked at 13:48 UTC with over 131,000 NEAR changing hands, reinforcing the bullish momentum.
- NEAR finished the session consolidating near $2.14, registering a modest hourly gain of 0.5% and suggesting the potential for further price increases.
Bitwise’s launch of a NEAR staking ETP offers European investors regulated access to the token’s staking ecosystem, boosting confidence in the asset and supporting NEAR’s price performance in the short term.
