NEAR Intents Cross-Chain Swap Volume Tops $130M in 24 Hours

Privacy Swaps Carry 9.4% of Monthly Flow

NEAR Protocol (NEAR) Intents, the cross-chain swap layer of NEAR Protocol (NEAR), moved $130.7 million in a single 24-hour window, and the token now quotes $4.82 against the $4.62 low it touched earlier in the session. The pairing frames the day: the NEAR price is down 4.4% over 24 hours, yet it sits about 4% above the floor it set before recovering toward the $5 line it had been testing. Traffic through the routing layer dwarfs that price move. Over seven days the layer carried $859.9 million and over 30 days $4.59 billion, per on-chain aggregation from the NearStats tracking account, so the 24-hour print runs ahead of the week's average of roughly $123 million a day. Cumulative volume since launch has cleared $35 billion. The composition of that traffic explains the spike. Demand concentrated in protected trades, a privacy-preserving swap type that accounts for 9.4% of monthly volume on the layer, or $91.9 million. Protected trades keep both sides of an exchange out of public view, which is the property drawing this flow. The flow centered on direct exchanges between Zcash (ZEC) and Bitcoin (BTC), a pairing that mixes a shielded pool with the deepest market in crypto. On-chain records show whales repeatedly converting sums in the hundreds of thousands of dollars out of Zcash's shielded pool and straight into Bitcoin within a single day, without touching an exchange order book. That mix matters because neither leg requires a wrapped intermediary token on the path between the two chains. The layer settles each trade in one step rather than through a wrapped asset or a third-party bridge protocol, and that single-step routing is what carried the day's total past the $130 million mark.

ETF Inflows and a Quantum-Ready Key Stack

Those volumes rest on infrastructure that has scaled with them. NEAR Protocol (NEAR), the Layer 1 blockchain protocol underneath the swap layer, now runs 17 operators on its multi-party computation system, the distributed key-management setup that signs cross-chain transfers, and block production has held steady through the traffic. Sell-side pressure has thinned as well: recent short positions in the crypto futures market were liquidated on exchanges, clearing part of the overhang that had weighed on the quote. Each liquidation removes a seller who had borrowed to short, and the effect compounds when several close in sequence. Private balances tell a similar story of persistence, with total value locked in privacy holdings holding between $151 million and $152 million across the NEAR Protocol ecosystem. Institutional demand runs on a separate track. The Bitwise NEAR Protocol (NEAR) ETF (NRR) took in $2.61 million of net inflow in a day, a second straight session of gains, and cumulative net inflows now stand at $83.05 million. The day's inflow equals roughly 3% of that cumulative figure. Net assets sit at $82.36 million, equal to 1.26% of NEAR's market capitalization, a share small enough to swing with continued flows. Products like NRR give traditional brokerage accounts direct access to the token, which keeps a bid under the asset that swap volumes alone do not provide. Security work moved in parallel: co-founder Illia Polosukhin confirmed that users can move their account keys to ML-DSA, the post-quantum signature standard, starting now. The change happens inside the wallet, leaves funds untouched and requires no external hop. A key migration that once would have demanded a coordinated upgrade can be done one account at a time, and Polosukhin's confirmation puts the option in users' hands during the very quarter the swap volumes set records.

From the $4.62 Low to the $5.04 Ceiling

The map ahead of the token is narrow. The nearest resistance sits at $5.0405, scored 92 out of 100 on our composite support and resistance reading, while the first support below trades at $4.8089, scored 60/100. Positioning is balanced: funding reads -0.0011% on perpetual futures, and open interest stands at $456.7 million. A push through $5.04 would clear the level the price probed after the $4.62 dip; losing $4.81 would return the token to the weaker shelf. The full method sits in our NEAR technical analysis. What separates the two lines is less than 5%, and the volume surge of the past day is the demand now asked to justify that gap.