$NEAR rose 5% in a day, but for every $1 spent on buybacks, more than $6 worth of new tokens were issued 🧐
Binance Spot data (Oct. 8, 07:30): $NEAR was at 5.345 USDT, up 5.03% over 24 hours, with about 185 million U in trading volume, ranking 5th. BTC fell 2.45% over the same period. According to ABC News, it was the only gainer among the top 25 coins by market cap, excluding stablecoins.
The support factors we could find weren’t sudden developments from today:
1️⃣ On Oct. 7, Robinhood Chain integrated with near.com, enabling direct swaps via NEAR Intents;
2️⃣ Bitwise’s spot NEAR ETF (NRR) launched on Sept. 29, with about $58.9 million in inflows during its first week;
3️⃣ A community proposal would cut the maximum annual issuance rate from 2.5% to 1.6%.
No single, clear news catalyst for today’s rally has been identified so far.
The risk lies on the supply side: according to a Bankless report citing DefiLlama, Intents revenue bought back about $1.9 million worth of NEAR over the past 30 days, while roughly $13 million worth of new tokens were issued over the same period. Whether the issuance-reduction proposal passes is key.
The setup:
If it holds above $5.5 on strong volume (the lower end of the previous resistance zone at $5.5–$6.2), it could test the $6.2 area;
If it falls back below $4.7 (the level that held during the previous pullback), the thesis for its move against the market is invalidated.
What do you think is driving this rally against the market: ETF inflows or expectations of lower inflation?
Sources: ABC News, Bankless, CoinMarketCal, Binance market data
$NEAR #NEAR #AltcoinMoves
#BinanceSquare
⚠️ The above is an information summary and personal opinion, not investment advice. DYOR.
Binance Spot data (Oct. 8, 07:30): $NEAR was at 5.345 USDT, up 5.03% over 24 hours, with about 185 million U in trading volume, ranking 5th. BTC fell 2.45% over the same period. According to ABC News, it was the only gainer among the top 25 coins by market cap, excluding stablecoins.
The support factors we could find weren’t sudden developments from today:
1️⃣ On Oct. 7, Robinhood Chain integrated with near.com, enabling direct swaps via NEAR Intents;
2️⃣ Bitwise’s spot NEAR ETF (NRR) launched on Sept. 29, with about $58.9 million in inflows during its first week;
3️⃣ A community proposal would cut the maximum annual issuance rate from 2.5% to 1.6%.
No single, clear news catalyst for today’s rally has been identified so far.
The risk lies on the supply side: according to a Bankless report citing DefiLlama, Intents revenue bought back about $1.9 million worth of NEAR over the past 30 days, while roughly $13 million worth of new tokens were issued over the same period. Whether the issuance-reduction proposal passes is key.
The setup:
If it holds above $5.5 on strong volume (the lower end of the previous resistance zone at $5.5–$6.2), it could test the $6.2 area;
If it falls back below $4.7 (the level that held during the previous pullback), the thesis for its move against the market is invalidated.
What do you think is driving this rally against the market: ETF inflows or expectations of lower inflation?
Sources: ABC News, Bankless, CoinMarketCal, Binance market data
$NEAR #NEAR #AltcoinMoves
#BinanceSquare
⚠️ The above is an information summary and personal opinion, not investment advice. DYOR.