Bitwise Revamps NEAR ETF Filing Amid Market Breakout

The updated S-1 registration statement outlines a structure for the fund to generate rewards through staking, alongside its primary objective of tracking NEAR's market value. Bitwise has solidified the operational framework by designating NYSE Arca for listing, BNY Mellon as the cash custodian and administrator, and Coinbase Custody as the digital asset safeguard. While the firm has yet to finalize the ticker symbol or management fees, the filing provides expanded disclosures regarding tax treatment and redemption liquidity.

Technically, the token’s price action reached $2.04 on July 3, reclaiming the 61.8% Fibonacci retracement level. This breakout effectively nullified the descending resistance that had constrained the asset since its mid-June peak of $2.56. Momentum indicators, including the Moving Average Convergence Divergence and the Aroon indicator, now point toward sustained buyer control. Analyst Michaël van de Poppe noted the current price stability as a potential launchpad for further gains toward the $2.50 range, provided the current support holds.

Institutional interest in the protocol is intensifying beyond Bitwise’s proposal, with Grayscale also advancing its own spot NEAR ETF application. As these firms compete for regulatory approval, the combination of technical strength and institutional backing has drawn renewed attention to the asset's trajectory for the remainder of the summer.