In a move that has positively impacted the NEAR token, Bitwise has revised its proposed spot NEAR ETF by integrating a staking feature in its latest submission to the SEC. This adjustment has helped NEAR's price soar nearly 12%, breaking free from a prolonged downtrend.
Details of the ETF Amendment
Bitwise's updated submission for the NEAR ETF not only introduces staking as an additional feature but also lists NYSE Arca, BNY Mellon, and Coinbase Custody in the documentation. This proposal marks the second significant amendment in almost a year and aims to enhance the ETF's appeal by offering potential rewards from staking alongside the primary goal of tracking the NEAR token's value held by the trust.
Market Reaction and Technical Analysis
The announcement has coincided with a notable uptick in the NEAR token’s price, which reached approximately $2.04 on July 3. This increase follows a week of recovery for NEAR, suggesting that while the ETF revision is a contributing factor, the timing aligns with critical technical movements already in play. NEAR successfully breached a multi-week downward trendline that had restricted its price movements since mid-June, when it last peaked just below $2.56.
Future Prospects and Observations
Moreover, key momentum indicators have turned favorably, with the Moving Average Convergence Divergence showing a bullish crossover alongside a strengthening histogram. The Aroon indicator also reflects this positive shift, indicating a robust upward momentum. Analysts like Michaël van de Poppe predict that the price could see further gains if crucial support levels hold.
Despite the overall optimism surrounding the revised ETF proposal, Bitwise has yet to reveal the ETF’s ticker symbol or the management fee. All proposals remain pending approval from the SEC, building anticipation within the crypto community.
