Tag: Market Trends

Bitwise Launches First Spot Near ETF in U.S.

Bitwise commenced trading its Near ETF on Tuesday, offering U.S. investors a new avenue to gain exposure to the AI-focused Near blockchain through conventional brokerage accounts. The fund, listed on NYSE Arca under the ticker NRR, carries an annual fee of 0.75%, according to Bitwise.

The company touts the fund as the first spot Near fund in the United States. The term “spot” signifies that the ETF holds actual Near tokens, as opposed to futures contracts, which are derivatives based on anticipated price movements.

Exchange-traded funds (ETFs) are investment vehicles that can be bought and sold like stocks. For individuals who have avoided cryptocurrency exchanges or digital wallets, this offers a simplified entry point: the underlying tokens are held within the fund, and the ETF shares appear alongside other investments in their brokerage application.

The timing of the ETF’s launch appears opportune, particularly given Near’s recent surge in performance, with its value skyrocketing since May.

This is not the first significant price movement for Near this year. In May, the token experienced a 28% jump within 24 hours, driven by upgrades related to privacy, artificial intelligence, and scaling. However, it subsequently retreated to around $2 over the summer. Currently, Near is trading just above $5, with a market capitalization of $6.5 billion. Despite this recent uptick, the token remains approximately 75% below its all-time high of over $20.

Near operates as a layer-1 blockchain, serving as a foundational network upon which other applications are built, placing it in the same category as prominent networks like Ethereum and Solana. Its main network was launched in 2020.

The connection to artificial intelligence stems from co-founder Illia Polosukhin, who is also a co-creator of the Transformer architecture, the underlying technology for models such as ChatGPT. Near established an AI research lab in May 2024, under the leadership of Polosukhin and co-founder Alex Skidanov.

Bitwise’s investment thesis emphasizes the potential of AI agents, which are software programs designed to perform tasks on behalf of users, such as making payments or booking travel arrangements.

“We are moving toward a world in which AI agents increasingly act on our behalf, coordinate with one another, and participate in the economy,” stated Bitwise CEO Hunter Horsley. “We believe this shift—to an agentic economy where more and more happens through AI agents—could unlock an enormous new frontier for the global economy. NEAR is building a platform for that future.”

Bitwise also highlighted that Near Intents, a service facilitating asset swaps across different blockchains, has processed over $32 billion in volume.

The Bitwise fund also engages in token staking. Staking involves locking up tokens to support the validation of network transactions, with participants earning rewards in return, akin to interest but paid in additional tokens. Bitwise anticipates that its internal team will stake the fund’s Near holdings to achieve average rewards of approximately 5%, which will accrue to shareholders through an increase in the fund’s per-share value.

However, these rewards are not guaranteed. Bitwise’s disclosures indicate that reward rates are subject to change, and staking carries the risk of “slashing,” which involves penalties imposed when a validator violates network rules. Furthermore, the fund concentrates on a single asset, and Bitwise cautions that investors could potentially lose a substantial portion or all of their investment.

Bitwise initially filed paperwork in Delaware for a Near fund in April 2025, when the token was trading at $2.61. Grayscale subsequently filed in January 2026 to convert its existing Near trust into an ETF, at a time when Near was priced around $1.54.

The regulatory landscape for such funds became more favorable in September 2025, when the SEC approved generic listing standards. These standards allow exchanges to list qualifying crypto funds without requiring individual approval for each one. Following this, funds for Litecoin, Hedera, and Solana were introduced in October of that year, including Bitwise’s own Solana staking ETF.

Bitwise charges an annual fee of 0.75% for the NRR ETF, which translates to $75 for every $10,000 invested.

U.S. Bitcoin ETFs have seen substantial net inflows totaling $2.95 billion over the past 30 days, extending a streak of positive daily inflows to eight consecutive trading days. This sustained investor interest has coincided with a return to profitability for the average ETF holder, whose cost basis stands at $81,722.

While the streak has been positive, the most recent day of inflows saw a modest $31.07 million, marking the weakest day of the current run. BlackRock’s iShares Bitcoin Trust (IBIT) continued to attract investment, adding $54.84 million on Monday. However, other major funds experienced outflows, with Grayscale’s Bitcoin Trust (GBTC) losing $23.19 million and Fidelity’s FBTC shedding $10.90 million on the same day.

This recent period of positive inflows follows a more turbulent stretch. On September 15th, Bitcoin ETFs collectively experienced an outflow of $450.4 million, the largest single-day loss since June 24th. This outflow occurred on the same day the U.S. Senate voted 49-50 against advancing the Clarity Act, a measure that required 60 votes to proceed. Ethereum ETFs also saw outflows on that day, losing $142.3 million.

The week ending September 15th was particularly challenging for Bitcoin ETFs, with net inflows totaling just $6.2 million, the smallest weekly inflow recorded in 141 weeks. However, investor activity rebounded sharply in the subsequent days. On September 21st, Bitcoin ETFs attracted nearly $1 billion, followed by $715 million on September 22nd. While the pace moderated, inflows continued, with $347 million on September 23rd, $191 million on September 24th, and $134 million on September 25th. This resulted in a weekly total inflow of approximately $2.4 billion for the week ending September 25th, marking the largest weekly haul since October 2025.

The positive trend in Bitcoin ETFs has also seen the cryptocurrency trading above the average ETF holder’s cost basis of $81,722, indicating that typical investors in these funds are now in profit for the first time since January. Bitcoin was trading above $84,000 on Monday.

This broader interest in crypto investment vehicles is not limited to Bitcoin. Over the past 30 days, Ethereum ETFs have added $982.5 million, with $17.1 million in inflows on Monday, according to SoSoValue. Solana funds saw inflows of $278.2 million over the month, and XRP funds brought in $127.05 million during the same period.

While the current streak of inflows is notable, it is not a record for the summer. An earlier nine-day run of inflows ended on August 28th, when the funds experienced $201.9 million in outflows. This occurred after comments from Federal Reserve Chair Kevin Warsh at Jackson Hole, a period where market participants often attempt to anticipate the Federal Reserve’s future monetary policy decisions.

The current inflows suggest a renewed investor confidence in Bitcoin ETFs, driving profitability for many investors. However, the market remains subject to fluctuations, as evidenced by past outflows and the mixed performance of individual funds on a daily basis.

Why This Matters

The materials describe a narrow update: Bitcoin ETFs in the U. The exact date of the ‘Monday’ mentioned for the weakest inflow day and specific fund movements is not provided.

Broader Context

Source materials place the factual news in this context: Bitcoin ETFs are having a very good month, all things considered.

Zcash Surges as Demand for Financial Privacy Grows

New York, NY – September 30, 2026 – A year ago, Zcash was a negligible player in the cryptocurrency market, its market capitalization a mere 0.1% of Bitcoin’s. However, recent research from Grayscale indicates a dramatic shift, with Zcash’s market share climbing to 1.5% by September 2026.

The digital currency, ZEC, experienced a remarkable surge, escalating from approximately $60 to around $1,500 over twelve months. This nearly 19-fold increase propelled its market capitalization to nearly $13.74 billion by late August. For perspective, Bitcoin’s market capitalization stood at approximately $1.56 trillion during the same period.

Grayscale’s report, released on September 29, 2026, attributes this significant rally to an increasing demand for financial privacy. The underlying thesis suggests that as blockchain transparency advances and on-chain surveillance tools become more prevalent, a growing number of users and investors are prioritizing the ability to conduct transactions privately.

Zcash’s defining characteristic is its shielded transactions, which allow users to encrypt sensitive data such as sender, receiver, and transaction amounts, while still maintaining settlement on a public blockchain.

By the end of September 2026, ZEC was trading around $1,400, with its market capitalization reported to be between $23 billion and $24 billion. This suggests sustained momentum following an initial price spike earlier in the summer.

Grayscale analyzes this market opportunity in relative terms. The firm identifies Bitcoin as the dominant force in the “currencies sector” of the crypto market, commanding approximately 90-93% of that category’s total market capitalization.

Grayscale Launches Zcash ETF, Boosting Accessibility

A key development contributing to Zcash’s increased visibility was the launch of Grayscale’s Zcash ETF on August 25, 2026. Trading under the ticker ZCSH on NYSE Arca, the exchange-traded fund represents a conversion of Grayscale’s established Zcash Trust, which has been in operation since 2017.

The transition from a trust to an ETF is significant because it addresses the persistent issue of premiums or discounts to net asset value that affected Grayscale’s earlier trust products. The ZCSH ETF now offers direct exposure to ZEC, incorporating an arbitrage mechanism designed to keep its market price closely aligned with the underlying asset’s value. Reports indicate that the ETF has attracted substantial inflows since its inception.

Future Potential and Associated Risks

Grayscale’s research also includes hypothetical scenarios illustrating ZEC’s potential price trajectory based on different levels of market-cap capture relative to Bitcoin. For instance, if Zcash were to achieve 2% of Bitcoin’s market capitalization, the implied ZEC price would be approximately $1,622. Grayscale emphasizes that these figures are purely hypothetical and not predictive forecasts.

Zcash’s privacy features are optional, allowing users to enable or disable them as needed, utilizing shielded transactions powered by zero-knowledge proofs.

However, Grayscale acknowledges that privacy-focused cryptocurrencies carry inherent risks. ZEC exhibits significantly higher volatility compared to Bitcoin. Furthermore, regulatory scrutiny poses a considerable challenge, with several exchanges having delisted privacy-centric tokens in recent years due to concerns over money laundering.

Mirroring Bitcoin’s scarcity model, Zcash also features a capped supply of 21 million coins.

Bitwise has launched the first US spot exchange-traded product (ETP) tracking the NEAR token, which began trading on NYSE Arca on Tuesday under the ticker NRR. This introduction of a traditional investment vehicle for the NEAR token coincides with a significant price surge and increased activity on the NEAR blockchain’s network.

The Bitwise NEAR ETF carries a management fee of 0.75% and will hold NEAR tokens directly, with plans to stake a substantial portion of the fund’s holdings. This launch follows Bitwise’s previous introduction of a European NEAR ETP in June 2025.

In recent weeks, the NEAR token has experienced notable price appreciation. According to CoinGecko data, the token gained approximately 167% over the past month, trading around $4.94 on Tuesday. Over the past year, the NEAR token is up about 81%.

This performance aligns with a broader strategic shift by the NEAR blockchain towards artificial intelligence (AI) use cases. In 2024, NEAR focused its strategy on AI, aiming to leverage its capabilities for decentralized applications and autonomous AI agents. Bitwise chief investment officer Matt Hougan told Cointelegraph that the firm views AI agents as a growing use case for NEAR, expecting this activity to increase over time.

Central to this strategy is NEAR Intents, the network’s cross-chain transaction protocol. Activity on NEAR Intents has seen a sharp increase, with volume rising to over $32 billion from less than $1 billion a year ago, according to Bitwise. The protocol allows users and AI agents to specify desired transactions, which third-party solvers then execute across supported blockchains. Hougan noted that the design of Intents aligns with the goal-based orientation of large language models (LLMs) and shields them from complexities like bridging.

NEAR Intents also demonstrated its utility this week by blocking over $50 million in attempted transfers linked to the Bitget hack. This incident highlighted the protocol’s role in securing transactions, although not all stolen funds were recovered.

Major financial institutions like BlackRock have also examined the intersection of AI and digital assets. A research paper from BlackRock suggested that AI agents could increase demand for stablecoins, cryptocurrencies, and tokenized assets as machine-to-machine transactions become more common, describing AI as a potential “structural catalyst” for digital asset adoption. Programmable assets, BlackRock noted, could be well-suited for high-frequency, low-value transactions.

The launch of the Bitwise NEAR ETF offers investors a regulated avenue to gain exposure to the NEAR token. The ETF’s structure and Bitwise’s strategy to stake NEAR tokens are key details for potential investors. The growth in NEAR’s price and network activity, particularly driven by its AI focus and the expanding utility of NEAR Intents, provides the context for this new financial product.

Uncertainties remain regarding the exact amount of NEAR tokens Bitwise intends to stake and the precise extent to which AI agents will drive future activity on the NEAR network compared to human-driven transactions. The overall impact of AI on digital asset demand is also an evolving area of analysis.

Why This Matters

The materials describe a narrow update: Bitwise launched a new exchange-traded product (ETP) in the US that tracks the NEAR token. The exact amount of NEAR tokens Bitwise intends to stake in the fund.

Broader Context

Source materials place the factual news in this context: Bitwise is a crypto asset manager.

Bitwise Launches First US Spot NEAR ETF, Betting on Blockchain for AI Economy

Bitwise has introduced the first U.S. spot exchange-traded product designed to track NEAR, broadening its suite of single-asset cryptocurrency funds. The move signals the asset manager’s conviction in the blockchain’s potential to underpin an emerging economy driven by artificial intelligence.

The Bitwise NEAR ETF commenced trading on Tuesday on the NYSE Arca under the ticker symbol NRR. The fund features an annual management fee of 0.75% and directly holds NEAR tokens. Bitwise also intends to stake the fund’s tokens, aiming to generate additional NEAR for shareholders that will be reflected in the fund’s net asset value.

This launch concludes a regulatory journey that began over a year ago. Bitwise submitted the fund’s S-1 registration statement to the Securities and Exchange Commission (SEC) in May 2025. NYSE Arca granted approval for the shares to be listed on September 24, with the SEC registration becoming effective on the same day.

Bitwise is positioning NEAR as a foundational infrastructure for a future where AI agents increasingly handle payments, trade assets, and execute financial transactions on behalf of users. A key element of this strategy is NEAR Intents, the network’s cross-chain transaction system. Bitwise reported that the protocol has processed over $32 billion in volume, a significant increase from less than $1 billion a year prior. NEAR’s own data indicates more than $30 billion in lifetime volume across 35 blockchains.

“NEAR sits at the intersection of two of the biggest trends in technology: AI and crypto,” stated Bitwise Chief Investment Officer Matt Hougan. He argued that autonomous agents will require rapid settlement infrastructure that is not dependent on a single custodian.

In contrast to conventional spot products that merely track the underlying token, the NRR ETF plans to actively utilize its NEAR holdings through staking. Bitwise estimates average NEAR staking rewards to be around 5%, though investors will not receive this full headline rate.

The fund’s SEC filing indicates that under normal conditions, it expects to stake substantially all of its NEAR holdings. Thirty-three percent of the additional tokens generated through staking will be allocated to staking-related expenses, with the trust retaining approximately 67% of the rewards, which are then incorporated into its net asset value. This is in addition to NRR’s 0.75% annual sponsor fee, which is levied against the fund’s NEAR holdings.

Bitwise already provides similar NEAR exposure in Europe. Its NEAR Staking ETP began trading on Deutsche Börse Xetra in July 2025 and held approximately $52.3 million in assets under management as of September 11. The European product has an annual expense ratio of 0.85% and also includes staking rewards.

The U.S. launch adds NEAR to Bitwise’s expanding portfolio of single-asset crypto products, which already includes Bitcoin, Ether, Solana, XRP, and Hyperliquid. This development coincides with NEAR’s strategic shift beyond its initial Layer 1 focus towards infrastructure designed for cross-chain liquidity and AI agents.

NEAR Intents simplifies transactions across different blockchains, enabling applications and agents to execute cross-chain swaps without requiring users to manually interact with bridges or manage gas fees on each network. Bitwise’s SEC prospectus designates exposure to NEAR as the fund’s primary investment objective, with the generation of additional NEAR through staking serving as its secondary objective.

Bitcoin Dominance Wanes as Altcoins Surge, Fueling “Altseason” Speculation

The cryptocurrency market is witnessing a significant shift as Bitcoin’s dominance begins to erode, with altcoins gaining considerable momentum. Bitcoin’s share of the total crypto market capitalization has fallen below 59%, a key psychological threshold, while trading volumes for altcoins are now approaching four times that of Bitcoin. This burgeoning activity has ignited discussions about a potential “Altseason,” a period characterized by widespread gains in alternative cryptocurrencies.

Altcoin Trading Volume Skyrockets

Data reveals a dramatic increase in altcoin spot trading volume, reaching its highest point since September 2025. This surge, now nearly four times Bitcoin’s volume, indicates a growing appetite among traders for assets beyond the market leader. The shift in focus is also evident in performance metrics, with 72.5% of tracked altcoins outperforming Bitcoin as of September 23, a stark contrast to the 39% seen during the August rally. This trend suggests that spot traders are increasingly allocating capital to altcoins, a move that has historically preceded local peaks for Bitcoin. While altcoin futures leverage has remained relatively stable, the increased activity in spot markets points to a more direct investor engagement with these alternative assets.

Major Altcoins Show Strong Performance

The upward momentum is not confined to smaller altcoins. Major cryptocurrencies are also demonstrating robust growth. U.S. spot Ethereum ETFs have recorded six consecutive days of inflows, accumulating $689.9 million in net inflows by the end of the week. Similarly, U.S. spot XRP ETFs have extended their inflow streak to 11 weeks, with cumulative inflows now exceeding $1.79 billion.

ETH/BTC Breakout Signals Broader Altcoin Strength

Further bolstering the “Altseason” narrative is the ETH/BTC trading pair, which has broken a nearly five-year downtrend. Ethereum is now poised to close its third consecutive green month against Bitcoin, a significant technical development. Historically, a strengthening ETH/BTC trend has often coincided with capital flowing out of Bitcoin and into other cryptocurrencies, including large- and mid-cap altcoins.

OTHERS/BTC Follows Suit

The OTHERS/BTC chart, representing the performance of cryptocurrencies excluding Bitcoin and Ethereum, mirrors this trend. After a four-year downtrend, this ratio has now broken above its long-term trendline and is showing upward movement following a breakout in 2026. This pattern of altcoins gaining strength after Bitcoin has been observed in previous market cycles, notably around 2017, 2021, and 2024.

Bitcoin Surges Over 40% This Quarter, Outperforming Gold and US Stocks

Bitcoin has achieved a feat many considered improbable at the start of the year: outperforming gold. As of September 29th, BTC’s third-quarter gains exceeded 40%, leaving gold, the S&P 500, and other major assets in its wake. Even as the 10-year Treasury yield climbed to its highest point since 2007 and the US Dollar Index (DXY) rose from 98.78 back towards 101.50, causing gold to drop nearly 4% in a single day, Bitcoin only experienced a minor 1% dip before quickly recovering.

This resilience extends beyond intraday movements. Bitcoin has maintained its hold above the $80,000 mark after a period of slowing momentum, with prices consistently staying above their May highs. Technical analysts are interpreting this pattern as a “double-bottom breakout,” signaling the potential start of a new upward trend.

Technical Breakout and Institutional Outlook

Jurrien Timmer, Fidelity Investments’ Director of Global Macro, shared his insights on the significance of Bitcoin’s breach of the $80,000 level via the X platform. A chart accompanying his post illustrated Bitcoin’s two previous dips this year, at $60,033 and $57,742, forming a W-shaped double-bottom structure. The resistance level in the middle of this pattern was identified around $82,800.

In technical analysis, a double-bottom breakout signifies that prices have found buying support at the same level twice, with the intervening peak acting as resistance. Breaking through this peak suggests that selling pressure has been exhausted and a new uptrend is commencing. Timmer stated, “Bitcoin is currently challenging the key resistance level at $80,000. A breakout would confirm the double-bottom structure, with targets pointing towards $100,000.”

This is not Timmer’s first technical assessment of BTC. Previously, he noted that a catalyst for a rebound had yet to emerge as Bitcoin approached its “Power Law” support. His current explicit bullish technical outlook suggests a shift in Fidelity’s internal view on Bitcoin’s short-term structure.

Options Market Signals Strong Bullish Sentiment

While technical patterns offer analyst perspectives, the open interest in the options market reveals where institutions and retail investors are truly placing their bets. Data from Deribit indicates that the most active Bitcoin call options are concentrated at three strike prices:

• $90,000 calls have an open interest of $2.45 billion, ranking first.
• $95,000 calls follow closely with $2.33 billion.
• $100,000 calls also show significant interest at $1.79 billion.

These three price levels form a dense cluster of bullish sentiment, implying that market participants anticipate Bitcoin reaching or surpassing $90,000 in the short term with a high probability.

Buyers of call options hold the right, but not the obligation, to purchase an asset at a fixed price, profiting when the market rises. The substantial open interest in calls within the $90,000-$100,000 range suggests traders view these levels as achievable short-term targets. However, it’s also important to note that options positions can represent speculative bets and can quickly reverse as trends shift.

Challenging Seasonal Patterns and Macroeconomic Headwinds

Bitcoin has a long-standing seasonal pattern: since 2013, when August closes in the green, September has almost invariably closed in the red. If the current trend holds for the final two trading days of September, BTC will mark its first “positive August leading to a positive September” since records began in 2013, and achieve three consecutive months of gains from July to September.

While seasonal patterns do not imply causation, the consistent breaking of such a trend often suggests a change in market structure. This could be driven by institutional capital inflows from ETFs, a shift in the macroeconomic environment, or a combination of both.

On the other hand, the trajectory of the 10-year Treasury yield is causing concern for some analysts. There are views that yields could climb to 6%, a level not seen since 2000. Traditionally, high yields are bearish for risk assets, as higher risk-free returns tend to draw capital back into government bonds.

However, Bitcoin’s performance this quarter indicates a declining sensitivity to Treasury yields. Gold saw a 4% drop in a single day due to rising rates, while BTC experienced only minor fluctuations before recovering. This contrast is noteworthy: if Bitcoin is indeed transitioning from a “risk asset” to a “reserve asset,” its outperformance of gold in a high-interest-rate environment serves as an initial test.

Key Watchpoints for the Coming Weeks

While technical patterns and options positioning lean bullish, historical lessons are clear: double-bottom breakouts can fail, and false breakouts have often trapped those who chased the rally. The key watchpoints for the coming weeks are threefold:

1. Can Bitcoin hold the $80,000 level without a significant breakdown?
2. Will Treasury yields indeed surge towards 6%?
3. Will the open interest on Deribit options continue to shift upwards from $90,000 towards $100,000?

If all three of these conditions align, Timmer’s $100,000 target will gain significantly higher credibility.