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 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. Bitwise Asset Management, parent of Bitwise Investment Advisers, plans to provide seed capital to launch the NEAR ETF.
The revised filing arrived as NEAR Protocol staged one of its strongest rallies in weeks, with the token climbing nearly 12% to around $2.04 on July 3. According to data from crypto.news, the breakout coincided with NEAR 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. The token is currently trading at $2.03 with a 24-hour range of $1.90 to $2.04, while trading volume has increased by 6% over the last 24 hours, indicating rising trader interest.
Momentum indicators also turned more constructive during the rally. 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. However, the price is currently trading below the 50-day moving average, which could act as a near-term resistance level.
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.
Institutional demand for NEAR investment products has been building with multiple issuers entering the market. According to earlier reports from crypto.news, 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. Kalshi has also launched NEAR perpetual futures recently amid massive investor interest, with CoinGlass data showing the total NEAR Protocol futures open interest jumped more than 13% to $472 million in the last 24 hours. The 4-hour futures open interest on major exchanges climbed significantly, with Binance up 6%, OKX up 5%, and Bybit up 5.50%. This combination of ETF filings, strengthening momentum indicators and renewed institutional interest has improved the token's near-term technical outlook, though continued buying volume will be needed to confirm the reversal.
