NEAR Protocol token sees significant growth and ETF-driven momentum

NEAR Protocol’s native token has experienced significant volatility and growth, climbing as much as 83% over a 30-day period and returning to the top 20 cryptocurrencies by market capitalization. This rally was supported by the launch of the Bitwise NRR, the first US spot NEAR ETF, which attracted nearly $58 million in its first week.

Other growth drivers include the NEAR Intents cross-chain trading system, which has seen cumulative volumes between $31 billion and $33 billion across more than 30 chains. Despite these gains, the network faced a $3.8 million exploit in early October, though funds were recovered within 24 hours.

Recent market activity shows the token attempting to recover from a 10% sell-off, finding support in the $4.10–$4.70 range. While retail participation has increased, volume data suggests overheated trading conditions in both spot and futures markets. Additionally, the community is currently debating a governance proposal to reduce the maximum annual token issuance from 2.5% to 1.6% over two years.