Despite the launch of a NEAR ETP, the token faces significant selling pressure amid broader market uncertainty.
Updated Jul 4, 2025, 4: 33 p.m. Published Jul 4, 2025, 4: 33 p.m.
AI-focused NEAR token slumped by 5% on Friday despite the launch of Bitwise’s NEAR exchange-traded product (ETP).
The sell-off comes during a muted day for cryptocurrencies with bitcoin also falling back from its test of a new record high.
The launch of Bitwise’s NEAR Staking ETP marks a significant milestone for institutional adoption of the protocol, allowing regulated investors to gain exposure to NEAR’s staking rewards through a traditional investment vehicle.
Technical analysis
- NEAR has experienced a substantial decline of $0.124 (5.42%) over the 24-hour period from 3 July 15: 00 to 4 July 14: 00, with price dropping from $2.294 to $2.170.
- The asset established a clear resistance zone around $2.290-$2.298 with multiple rejections, while breaking below key support at $2.220 on heavy volume (2.7M) during the 04: 00 hour.
- The bearish momentum intensified with a volume spike to 2.83M at 07: 00 when price reached its lowest point at $2.172, forming a potential double bottom with the 13: 00 candle’s $2.167 low, suggesting possible stabilization despite the overall negative trend.
- During the last 60 minutes from 4 July 13: 06 to 14: 05, NEAR experienced significant volatility with a net decline of $0.018 (0.82%), dropping from $2.192 to $2.170.
- The asset established a clear resistance at $2.177 with multiple rejections, while showing notable selling pressure at 13: 37-13: 39 when price plummeted from $2.174 to $2.169 on heavy volume (119K).
