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Bitwise has filed for the first-ever NEAR ETF in the US, joining its efforts for altcoin ETFs like DOGE and APT.
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NEAR’s price saw a 25% increase recently, though unrelated to the ETF filing, potentially boosting future interest.
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While the ETF could attract attention to NEAR, the growing number of altcoin ETFs may limit its impact due to market saturation.
Bitwise’s recent NEAR ETF filing marks a pivotal moment in crypto investments, potentially driving increased interest in this altcoin amid a saturated market.
Bitwise Attempts to Create NEAR ETF
There is currently a flood of pending ETF applications in the US, and Bitwise is spearheading several of them. In addition to more mainstream ideas like an XRP ETF or a combined BTC/ETH product, it also has a few offbeat initiatives.
Today, Bitwise added one more proposal to this eclectic mix, filing to create an ETF based on NEAR.
Presently, the filing is very barebones, and the public has little information. If Bitwise or the SEC posts the full application in the future, that could help clear up a few questions.
For now, it may be safe to assume that the NEAR ETF resembles Bitwise’s other recent altcoin efforts.
NEAR is a Proof-of-Stake L1 blockchain optimized for dApp development. Launched in late 2020, it splits blockchains into sub-chains with independent validators to increase transaction processing efficiency.
The altcoin saw heightened interest at the tail end of last year but has had a relatively smaller presence throughout 2025.
Now that Bitwise wants to create a NEAR ETF, that might attract some attention. The asset’s price has been on the upswing; after a slump in mid-April, it increased over 25% in the last two weeks.
Obviously, these gains have nothing to do with Bitwise’s filing, but the ETF effort might help build forward momentum.
Bitwise’s current plan involves several other “first of its kind” ETFs, and a NEAR product might face a crowded market if approved. As the number of altcoin ETFs increases, the law of diminishing returns could have a negative impact.
Potential Market Implications
The shift towards altcoin ETFs signifies a broader acceptance of digital assets within traditional finance. In this context, the NEAR ETF could serve as a litmus test for how the market responds to niche altcoins.
Investor sentiment remains pivotal, and as NEAR continues to evolve within the DeFi space, the ETF’s approval could either catalyze a surge in investment or be met with indifference due to market saturation.
NEAR’s Technological Advantages
NEAR stands out due to its unique sharding technology, which enhances its scalability compared to many other blockchains. This feature not only facilitates faster transactions but also reduces network congestion, making it a compelling option for developers.
With Bitwise’s ETF initiative, there are opportunities to educate investors about NEAR’s underlying technology, potentially leading to a more informed investment landscape.
Conclusion
The NEAR ETF filing by Bitwise is a notable addition to the growing landscape of cryptocurrency investment products. As regulatory pressures and market dynamics evolve, NEAR’s unique attributes could play a crucial role in its future trajectory. Investors should keep a close eye on how Bitwise’s initiatives develop and the potential for NEAR to capture a more significant share in the altcoin market.
