The current Plaza hot list puts “Bitwise submits the final prospectus for the NEAR spot ETF” at No. 1; while attention has picked up, whether the momentum transfers will depend on actual shares. The SEC filing states that the trust will hold NEAR to provide price exposure, and staking is a secondary objective; creations and redemptions are handled by authorized participants for each basket of 10,000 shares. The document explains the mechanism, not net subscription records. Meanwhile, Binance’s spot sample (20:53 UTC) shows NEAR down 12.786% over the past 24 hours. This doesn’t negate a long-term approach, but it’s a reminder: submissions cannot be directly equated with incremental buy orders. Evidence that would change this view should be post-listing shares/AUM, the amount of NEAR held in custody, and disclosed staking details—not another round of headline hype. $NEAR