NEAR Protocol (NEAR) Price Bounces Back as Bitwise Registers a Spot NEAR ETF

This week, the crypto market witnessed a bullish turnaround as the panic surrounding the tariff war subsided. Thus, the Bitcoin price bounced above the $95,000 barrier

This week, the crypto market has seen a bullish turnaround as the panic from the tariff war has subsided. Thus, the Bitcoin price bounced above the $95,000 barrier, impacting most major altcoins, including NEAR.

The Near Protocol coin price is gaining momentum in the daily chart following the recent registration of the Bitwise NEAR ETF in Delaware.

Bitwise Registers NEAR ETF in Delaware

On Monday, April 25, Bitwise Asset Management registered a new exchange-traded fund (ETF) entity focused on Near Protocol, a layer-one blockchain.

According to Delaware’s corporate registry, the new entity - titled Bitwise NEAR ETF - was filed under no. 10174379 on Friday. The registration classifies the entity as a corporate trust service, setting the stage for what could be a spot NEAR ETF, pending regulatory approval.

The ETF is designed to track the performance of the NEAR token, which currently boasts a market cap of $3.16 billion.

Bitwise has previously registered similar Delaware trusts for Dogecoin and Aptos ETFs, while the Near-focused ETF is the first of its kind.

It is likely that Bitwise will follow this registration with a formal S-1 submission to the U.S. Securities and Exchange Commission (SEC), a prerequisite for launching a publicly traded ETF.

The filling comes amid a 3% price jump in the NEAR token, which now trades at $2.61. If approved, the ETF will attract institutional investors while boosting liquidity and demand for this asset.

Near Protocol Price Signals Major Breakout

Over the past two weeks, the Near Protocol coin has sustained a recovery from a $1.82 low to a $2.61 current trading value, registering a 43% growth. This rally has enabled the 20- and 50-day exponential moving averages to be reclaimed, indicating an initial change in market sentiment.

The daily chart analysis also highlights a bullish breakout from the resistance trendline of a falling wedge pattern. This chart setup, defined by two converging trendlines, signifies decreasing bearish momentum and the potential termination of the correction trend.

If this breakout holds, the coin price could surge by 37% to attain the $3.6 barrier.

Conversely, should the retest candle pierce below the wedge pattern, the previous breakout will be identified as a bull trap, accelerating the selling pressure for a sustained downturn.