$NEAR Is the spot ETF for NEAR really going live?
On 9/24, Bitwise’s spot NEAR ETF registration statement was declared effective by the SEC. The same day, it filed Form 8-A. The NYSE Arca has approved the listing application, with the planned ticker code NRR. But it hasn’t officially opened for trading yet—the documents state that a notice of issuance is still required.
The product’s annual fee is about 0.75%. Under normal circumstances, it intends to stake all NEAR holdings, with custody handled by Coinbase Custody.
As for Binance’s NEARUSDT perpetual contract: it’s currently around 5.11. When it opened, it was about 4.87; the high was about 5.17; the low was about 4.73. In the past 24 hours, it’s up about +4.8%. Trading volume is about 5.54 billion USDT, and open interest is about 52.35 million NEAR (around 267 million USDT). Funding rate is roughly +0.0071%.
Paprika’s market cap is about 6.66 billion, ranking around 25, with about +47% over the last 7 days.
My take: the market is trading in advance the expectation that the “US stock channel” will open. But “effective” doesn’t equal “start trading”—there’s still a gap between how hot the narrative is and actual subscription activity. Leverage is stacked pretty heavily, so before chasing higher prices, make sure you understand exactly how far along the process is.
What do you think about this bout of abnormal volatility for $NEAR ? Feel free to leave a comment and let’s discuss.
On 9/24, Bitwise’s spot NEAR ETF registration statement was declared effective by the SEC. The same day, it filed Form 8-A. The NYSE Arca has approved the listing application, with the planned ticker code NRR. But it hasn’t officially opened for trading yet—the documents state that a notice of issuance is still required.
The product’s annual fee is about 0.75%. Under normal circumstances, it intends to stake all NEAR holdings, with custody handled by Coinbase Custody.
As for Binance’s NEARUSDT perpetual contract: it’s currently around 5.11. When it opened, it was about 4.87; the high was about 5.17; the low was about 4.73. In the past 24 hours, it’s up about +4.8%. Trading volume is about 5.54 billion USDT, and open interest is about 52.35 million NEAR (around 267 million USDT). Funding rate is roughly +0.0071%.
Paprika’s market cap is about 6.66 billion, ranking around 25, with about +47% over the last 7 days.
My take: the market is trading in advance the expectation that the “US stock channel” will open. But “effective” doesn’t equal “start trading”—there’s still a gap between how hot the narrative is and actual subscription activity. Leverage is stacked pretty heavily, so before chasing higher prices, make sure you understand exactly how far along the process is.
What do you think about this bout of abnormal volatility for $NEAR ? Feel free to leave a comment and let’s discuss.
