NEAR climbed approximately 86% between September 16 and September 29, extending a broader rally that had carried the token up from below $2 in late August, as Bitwise's NEAR exchange-traded fund debuted on NYSE Arca, according to on-chain analytics platform Santiment Intelligence, which shared the data on X.

Santiment reported that coin-denominated open interest had already declined 21% before the launch, meaning the rally unfolded against a lighter leverage backdrop. Spot purchases settle directly in the underlying token rather than through leveraged derivative positions, so the fund inflows and the retreat in open interest reflect separate segments of the market. The ETF recorded $35.5 million in first-day net inflows, while spot buying emerged amid the reduced leverage.

ETF Trading Begins as Leverage Declines

According to Santiment Intelligence, its analyst identified steadily rising NEAR open interest on September 21, eight days before the ETF launch. Coin-denominated open interest peaked at approximately 215 million NEAR that day. Dollar-denominated open interest, however, continued climbing, reaching roughly $1.05 billion on September 27. By then, the coin-denominated figure had already fallen around 9% from its peak.

On September 29, when the Bitwise NEAR ETF began trading, open interest had dropped to approximately 169 million NEAR, slightly below its September 16 level. Despite the decline in leverage, NEAR's price rose around 86% over the same period. Santiment reported that spot buyers entered the market on launch day, when leverage was already lighter.

Bitwise Reports Strong ETF Activity on Day Two

Bitwise reported $35.5 million in first-day net inflows for its NEAR ETF, which trades under the ticker NRR on NYSE Arca. Funds of this kind give investors exposure to an asset through shares traded on a regulated exchange, rather than through direct handling of the token, and their early demand is measured largely through the daily flow and volume figures the issuer publishes. The company later released its second-day trading figures, reporting $13.2 million in net inflows and $20.1 million in volume. The fund's assets under management reached $52.8 million, and further daily flow and volume disclosures from the issuer offer a running measure of how demand for the new fund develops.

Meanwhile, analyst Michael van de Poppe reported that NEAR had broken upward again. He said the token was moving toward a new high as its price continued recovering from the recent pullback.

NEAR Tests $5.60 Resistance After Sharp Rally

NEAR traded at $5.307 on the four-hour chart, following a rally from approximately $1.80–$2.00 in late August. The strongest advance began after September 16, when the price cleared $2.50 before moving above the $3, $4, and $5 marks in succession.

NEAR recently reached the $5.50–$5.60 area before retreating toward $4.65–$4.75 and recovering. The latest candle opened at $5.392, reached $5.540, and fell to $5.294, closing at $5.307, down 1.56%.

Trading volume stood at approximately 6.11 million NEAR, below the spikes recorded during earlier breakouts. The relative strength index (RSI) measured 60.11 against its 55.21 average, while the MACD stood at 0.125, above its 0.094 signal line. The histogram remained positive at 0.030, leaving momentum indicators in positive territory despite the pullback. Together with the tested $5.50–$5.60 zone and the $4.65–$4.75 pullback low, these readings give market watchers a defined set of reference points as the fund's early trading days continue.