NEAR Protocol Leads the Top 20 as Confidential Perps and a Bitwise ETF Fuel a 56% Weekly Surge
NEAR Protocol has been the best performer among the top 20 cryptocurrencies this month. Market data published on September 27 showed NEAR up more than 56% in seven days. That made it the leader in the top 20 both for the week and for the year to date, with year-to-date gains above 250% as it traded around the $5 level. Two developments sit behind the move: a new confidential trading product, and a U.S. exchange-traded fund cleared for listing.
Catalyst #1: Confidential Perpetuals Powered by Hyperliquid
In mid-September, NEAR launched a confidential perpetual futures product built on Hyperliquid’s trading infrastructure. It lets users open leveraged positions without their trades being publicly linked to their on-chain accounts. On most public blockchains, large traders’ positions can be watched and even front-run, so privacy is a clear selling point.
Reports dated the feature going live by default to September 17. The price reaction was fast. Coinpedia reported that NEAR climbed from roughly $2.20 to around $4.20 in about a week, an 80%-plus move, and trading volume rose alongside it. The launch fits a wider theme this year: privacy-focused assets have done well, and Zcash has more than tripled year to date.
Catalyst #2: The Bitwise NEAR ETF
The second driver is institutional access. Bitwise’s NEAR ETF has been approved for listing on NYSE Arca under the ticker NRR, and its registration statement is now effective. Bitwise already runs a NEAR staking product in Europe, listed on Deutsche Börse Xetra. According to The Market Periodical, it has passed $100 million in assets under management.
A U.S.-listed fund lets advisors, brokerage clients and some institutions get NEAR exposure without holding the token directly. That same dynamic lifted Bitcoin and Ethereum after their spot ETFs launched. How much money actually flows into NRR once it trades will be a key test of whether the ETF story matches the price action.
Derivatives Are Running Hot
Much of the recent move has come through leverage. Reported data shows NEAR’s dollar-denominated open interest rose about 119% between September 13 and September 20. Open interest measured in NEAR tokens rose about 21% over the same period, so a large share of the dollar increase simply reflects the higher price. Funding rates also climbed to about 1.6 times their two-month median around September 20, meaning traders holding long positions were paying a premium to keep them open.
High open interest and high funding usually mean a market is crowded on one side. That does not predict direction by itself. It does mean sharp pullbacks can happen when leveraged longs are liquidated, as Bitcoin traders saw after this week’s move above $87,000.
How NEAR Fits the Broader Market
NEAR’s surge came during a strong week for crypto overall. Bitcoin traded near $84,600 on Sunday, up about 5% on the week after briefly topping $87,000 for the first time since January. Several other large-cap altcoins also posted double-digit weekly gains, including Chainlink (about 20%), Cardano (about 17%) and Stellar (about 15%). NEAR’s move clearly outpaced the field, and its catalysts are specific to the project, not just general market momentum.
What to Watch
- NRR trading debut and flows: whether the ETF draws steady inflows or only a short burst of interest.
- Confidential perps usage: trading volume and user numbers on the new product, which show real demand better than price does.
- Leverage cooling off: whether funding rates and open interest come down gradually or reset in a sudden liquidation.
- Network activity: as analysts covering the rally have noted, whether it lasts will likely depend on attention turning into steady on-chain activity and liquidity, not just short-term speculation.
NEAR’s rally rests on real product and access developments, which sets it apart from purely narrative-driven pumps. Even so, a gain of more than 250% in under a year leaves room for large swings in either direction. Readers should treat the headline numbers with caution.
This article is for informational purposes only and does not constitute financial advice.
