This week, the crypto market witnessed a bullish turnaround as the panic surrounding the tariff war subsided. Thus, the Bitcoin price bounced above the $95,000 barrier, reinforcing the bullish momentum in most major altcoins, including NEAR. The Near Protocol coin price is gaining steady momentum in the daily chart following the recent registration of the Bitwise NEAR ETF in Delaware.
Bitwise Registers NEAR ETF in Delaware
On April 25, 2025, Bitwise Asset Management registered a new exchange-traded fund (ETF) entity focused on Near Protocol, a layer-one blockchain.
According to Delaware’s corporate registry, the new entity — titled Bitwise NEAR ETF — was filed under number 10174379 on Friday. The registration classifies the entity as a corporate trust service, laying early groundwork for what could become a spot NEAR ETF, should it gain regulatory approval.
The ETF is designed to track the performance of the NEAR token, which currently holds a market cap of $3.16 billion. Bitwise has previously registered similar Delaware trusts for Dogecoin and Aptos ETFs, while the Near-focused ETF is the first of its kind in the market.
Bitwise is expected to follow this registration with a formal S-1 submission to the U.S. Securities and Exchange Commission (SEC), a prerequisite for launching a publicly traded ETF.
The filling coincided with a notable 3% price jump in the NEAR token, which currently trades at $2.61. If approved, the ETF will attract institutional investors while boasting liquidity and demand for this asset.
Near Protocol Price Signal Major Breakout
Over the past two weeks, the Near Protocol coin has sustained recovery from a $1.82 low to a $2.61 current trading value, registering a 43% growth. This upswing reclaimed the 20- and 50-day exponential moving averages, signaling an initial change in market sentiment.
The daily chart analysis also shows a bullish breakout from the resistance trendline of a falling wedge pattern. This chart setup, characterized by two converging trendlines, indicates waning bearish momentum and the potential end of the correction trend.
If the breakout sustains, the coin price would surge 37% to reach a $3.6 barrier.
On the contrary, if the retest candle breaks below the wedge pattern, the previous breakout will be marked as a bull trap, accelerating the selling pressure for a prolonged downfall.
Also Read: Analyst Predicts ADA to Surge Over 261% in Next Breakout
