Bitwise's NRR ETF debut and a $3.8 million exploit disclosure at NEAR Intents landed within three days of each other, reshaping derivatives positioning around NEAR Protocol. According to Santiment Intelligence, open interest — the total number of outstanding derivative contracts — declined approximately 22% ahead of the ETF launch, then climbed as the token's price slid on October 1 following the exploit disclosure.

Open interest fell from 215 million to 169 million NEAR before the ETF launched, and later rose 4% as NEAR dropped 10% on October 1. The token traded below its $4.98 50-day moving average, with $4.39 and $3.85 identified as key support levels.

ETF Launch Coincides With Lower Open Interest

Bitwise's NRR ETF began trading on September 29, attracting approximately $35 million in net inflows on its first day, according to the firm — an early gauge of the capital the new product drew at debut. Ahead of the launch, NEAR open interest measured in coins declined from 215 million on September 21 to 169 million on September 30, a decrease of roughly 22% as the price climbed toward the ETF debut. Because the figures are denominated in coins rather than dollars, the decline reflects the number of open positions rather than a valuation effect.

Santiment reported that the reduction reflected lower derivatives exposure, although the data does not identify whether traders held long or short positions. Despite the subsequent decline, NEAR's price remained approximately 12% higher than its September 21 level.

Exploit Disclosure Triggers Derivatives Activity

On October 1, NEAR Intents disclosed a $3.8 million exploit and said the issue had been patched. The project also stated that affected users would receive full compensation, making the delivery of those payouts the observable follow-up to the incident.

NEAR closed at $4.81 that day, recording an approximately 10% daily decline. Meanwhile, open interest increased by roughly 4%, rising from 169 million to 176 million NEAR. Santiment noted that traders added positions during the price decline, though the available open interest data does not distinguish between bullish and bearish exposure — both long and short entries raise the metric, so the increase alone does not indicate direction.

NEAR Chart Shows Pullback From September High

The Santiment chart places NEAR near $4.69, below its recent peak of approximately $5.40–$5.45. The price broke above $2.78 and $3.85 during September's rally before advancing through $4.39, and volume expanded during the breakout to approximately 863.28 million NEAR.

The $4.39 area now represents near-term support, followed by $3.85 and $3.35, the last of which coincides with the 200-day moving average. The 50-day moving average, which tracks the average price over the prior 50 trading days, stands at $4.98, above the current chart price, while the 200-day average sits at $3.35. Per the chart analysis, a move above $4.98 could bring the recent high back into focus, while a drop below $4.39 would expose lower support levels. Alongside those price levels, the open interest series and the delivery of NEAR Intents' committed compensation offer concrete data points to track next.