NEAR Slides 5% Despite Bitwise ETP Debut as Crypto Market Stays Under Pressure

NEAR Protocol’s token fell 5% on Friday, unable to fend off selling pressure even amid the launch of Bitwise’s new exchange-traded product (ETP) dedicated to the asset.

Despite the milestone of Bitwise introducing its NEAR Staking ETP—which provides regulated investors with traditional exposure to NEAR’s staking rewards—the token struggled alongside a broader crypto market pullback. Bitcoin also retreated after attempting to reach a new record high, contributing to the market’s cautious tone.

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Technical Overview: NEAR-USD

• Over the 24-hour span from July 3 at 15:00 to July 4 at 14:00, NEAR shed $0.124 (5.42%), dropping from $2.294 to $2.170.
• A strong resistance zone formed around $2.290–$2.298, with multiple price rejections at those levels.
• The token broke beneath key support at $2.220 on significant trading volume of 2.7 million during the 04:00 hour, signaling heightened bearish sentiment.
• Bearish momentum intensified further at 07:00, when volume spiked to 2.83 million and NEAR hit a low of $2.172, hinting at a potential double bottom alongside the $2.167 low seen in the 13:00 candle—a pattern suggesting possible stabilization despite the ongoing downtrend.
• In the hour between 13:06 and 14:05 on July 4, NEAR experienced heightened volatility, declining $0.018 (0.82%) from $2.192 to $2.170.
• Resistance solidified near $2.177, with several failed breakout attempts.
• A sharp bout of selling pressure occurred between 13:37 and 13:39, driving the price from $2.174 to $2.169 on heavy volume of 119,000.
• A brief rebound at 13:53 pushed NEAR to $2.175 on strong volume of 77,000, but the recovery quickly lost momentum, and the token settled into a consolidation range between $2.169 and $2.171 in the closing minutes of the session.

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CD20 Index Sinks Nearly 2% as Bears Dominate

The CD20 Index, which tracks a basket of leading cryptocurrencies, faced significant downward pressure over the same period, declining from $1,788.41 at 17:00 on July 3 to $1,756.06 at 16:00 on July 4—a loss of $32.35, or 1.81%.

During this timeframe, the index swung within a range of $45.74 (2.56%). It reached a high of $1,801.60 at 21:00 on July 3 before sellers took control. The sell-off accelerated after 13:00 on July 4, with prices plunging nearly $15 in just one hour, underscoring the growing bearish momentum across the broader crypto market.

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