NEAR Protocol Dips Despite New Bitwise ETP

NEAR Protocol's native token experienced a 5% decline on Friday, despite the launch of a NEAR staking exchange-traded product (ETP) by Bitwise. This sell-off occurred amidst a relatively quiet day for the wider cryptocurrency market, with Bitcoin also pulling back from recent highs.

Institutional Adoption Milestone

The launch of Bitwise's NEAR Staking ETP represents a significant step towards institutional adoption for the NEAR Protocol. This product allows regulated investors to gain exposure to NEAR's staking rewards through a traditional investment vehicle.

Technical Analysis

NEAR saw a decline of approximately $0.124 (5.42%) between July 3rd and July 4th. The price dropped from $2.294 to $2.170. A clear resistance zone has formed around $2.290-$2.298, with multiple rejections observed. Key support at $2.220 was breached on significant volume (2.7M).

Bearish momentum intensified with a volume spike to 2.83M, pushing the price to a low of $2.172. A potential double bottom formation near $2.167 suggests possible stabilization, although the overall trend remains negative.

Recent hourly price action shows significant volatility with a net decline of $0.018 (0.82%). Resistance is evident at $2.177. The price has largely consolidated between $2.169-$2.171 after a brief recovery attempt.

Broader Market Context

The CD20 index also experienced downward pressure, declining by 1.81%. Traditional markets showed mixed signals, with U.S. indices generally posting gains.

Key Takeaways

• NEAR experienced a price drop despite positive news regarding institutional investment products.
• Technical analysis suggests bearish momentum, but potential for stabilization near the $2.17 level.
• The broader market context reveals mixed signals across both crypto and traditional finance.