The biggest standout during Friday’s U.S. trading session wasn’t an index—it was Moderna: up 14% in a single day, closing at $225, its highest level since January 2022. Binance’s $MRNA stock perpetual contract rose in tandem. Note that it’s a USDT perpetual that tracks the share price 24/7, not the shares themselves. The reasons for the surge are clear: a combination of positive developments during Friday’s U.S. session. First, Moderna was readmitted to the Nasdaq 100, prompting mechanical buying by passive funds. Second, reports said the NIH plans to lead a public-private partnership for personalized cancer vaccines. Third, full Phase 3 data for its cancer vaccine will be presented at the ESMO Congress on October 24. The third factor is a double-edged sword: the stock has climbed from just over $140 to $225 in a month, while the average analyst forecast remains well below the current price. The market has clearly raced ahead of the fundamentals, making the ESMO data a moment of truth.
The crypto market is also far from a broad-based rally: only 3 of the top 20 coins by market cap finished the week higher. $NEAR was the strongest performer, bucking the trend to climb back above $5, gaining about 10% in 24 hours, with daily trading volume of 125 million USDT. There’s substance behind the move: Bitwise’s NEAR spot ETF (NRR) is now listed on the NYSE Arca. Its 0.75% fee includes staking, with an indicative annualized yield of about 5%—a yield structure that’s unique among existing crypto ETFs. Monthly trading volume on NEAR Intents has exceeded 4 billion USDT, nearly 9 times higher year over year. The demand is real.
The two markets have this in common: only a handful of assets are rising, as investors pick events to bet on rather than buying indiscriminately. In this kind of market, identifying assets with genuine catalysts matters far more than watching the leaderboard. With volatility this high, keeping position sizes modest is always a sensible move.
The crypto market is also far from a broad-based rally: only 3 of the top 20 coins by market cap finished the week higher. $NEAR was the strongest performer, bucking the trend to climb back above $5, gaining about 10% in 24 hours, with daily trading volume of 125 million USDT. There’s substance behind the move: Bitwise’s NEAR spot ETF (NRR) is now listed on the NYSE Arca. Its 0.75% fee includes staking, with an indicative annualized yield of about 5%—a yield structure that’s unique among existing crypto ETFs. Monthly trading volume on NEAR Intents has exceeded 4 billion USDT, nearly 9 times higher year over year. The demand is real.
The two markets have this in common: only a handful of assets are rising, as investors pick events to bet on rather than buying indiscriminately. In this kind of market, identifying assets with genuine catalysts matters far more than watching the leaderboard. With volatility this high, keeping position sizes modest is always a sensible move.