Bitwise's spot NEAR ETF has recorded its weakest week since launch, as investor demand for the first U.S. fund tracking $NEAR cools after a strong start.

The Bitwise NEAR ETF, which trades as NRR, has now seen two consecutive weeks of net outflows. AMBCrypto reported that the fund lost about $3.43 million last week and had already shed $4.38 million in the current week. The same report noted that the fund took in more than $88 million in its first four weeks, before turning negative.

Strong Debut Followed by a Reversal

Bitwise launched the fund on September 29, 2026. According to Crypto Briefing, NRR trades on NYSE Arca and was the first U.S. spot exchange-traded product to give investors direct exposure to NEAR tokens. It pulled in $35.5 million on its first trading day, and cumulative inflows reached $52.8 million by the end of the first week.

The launch followed a sharp rally in the token. Cointelegraph reported that NEAR gained about 167% over the preceding month, citing CoinGecko data. The fund carries a 0.75% management fee, holds NEAR directly, and Bitwise intends to stake a significant portion of the tokens, according to Cointelegraph via TradingView.

Daily data shows the pullback has been gradual rather than abrupt. TokenPost, citing SoSoValue data, reported that NRR saw $773,800 in outflows on November 5. The fund's cumulative net inflows stood at $80.45 million, with net assets of $58.04 million. Bitcoin.com News separately reported that NEAR ETFs shed $3.60 million through NRR in an earlier session, taking assets to $60.87 million.

What It Means for NEAR

Cumulative net inflows remain well above zero, so the recent outflows have so far only partly reversed the early gains. AMBCrypto noted that demand has softened even as network adoption has grown, and that NEAR was down more than 12% on the weekly chart at the time of writing. It also reported that total value locked in NEAR Intents, the network's cross-chain transaction protocol, fell from $267 million to around $190 million.

The pattern also reflects wider conditions. Bitcoin ETFs posted $115.56 million in net outflows on one recent Tuesday, according to Bitcoin.com News, indicating that pressure on crypto funds is not limited to NEAR.

ETF flows track investor activity in a product and do not by themselves forecast token performance. Whether NRR can attract fresh inflows will likely depend on broader market sentiment and on how NEAR performs in the coming weeks.

Sources

AMBCrypto: NEAR ETF demand and TVL decline
Crypto Briefing: Bitwise NEAR ETF holdings after launch
Cointelegraph: Bitwise launches first US spot NEAR ETF