NEAR Protocol
Why NEAR Protocol is down 1.0% in the last hour
Analysis
NEAR fell about 1% over the past hour as traders reacted to CoinDesk’s report that roughly $50 million in swaps tied to the Bitget hack flowed through NEAR Intents, raising concerns about how “permissionless” routing could be abused and increasing near-term risk sentiment. While ETF-related headlines from Decrypt and CryptoPotato about Bitwise launching a US spot NEAR ETF are generally supportive, the immediate market focus appears to have shifted toward the exploit-linked activity and associated uncertainty.
Contributing Factors (3)
$50 million in Bitget hacker swaps puts NEAR Intents’ ‘permissionless’ claim to the test
The swap service identified more than $50 million in attempted transfers, although most rejected funds subsequently moved through other providers.
Bitwise Launches First US Spot Near ETF After Token Nearly Triples Since August
Bitwise's NRR began trading on NYSE Arca Tuesday, giving brokerage accounts NEAR exposure and staking rewards as the AI-focused token soars.
Bitwise Launches First US Spot NEAR ETF With Staking Fees Taking 33% of Rewards
Two of the three parties sharing the NEAR fund's cut are Bitwise itself and Attestant, the affiliate expected to run its validators.
Move Details
Explanation Confidence
High confidence in the explanation based on source reliability and timing.