Bitwise Files First NEAR ETF in US Amid Altcoin ETF Boom

Bitwise has filed for the first-ever NEAR ETF in the US, marking a significant move in the cryptocurrency investment landscape. This filing is part of Bitwise's broader efforts to introduce altcoin ETFs, including those for DOGE and APT. The NEAR ETF, if approved, could potentially drive renewed interest in the NEAR altcoin, which has seen a 25% price increase recently, although this surge is unrelated to the ETF filing.

Bitwise's initiative to create a NEAR ETF comes at a time when there is a flood of pending ETF applications in the US. The NEAR ETF, based on the NEAR blockchain, is designed to optimize dApp development through its Proof-of-Stake L1 blockchain. Launched in late 2020, NEAR splits blockchains into sub-chains with independent validators to enhance transaction processing efficiency. While NEAR saw heightened interest at the end of last year, its presence has been relatively smaller throughout 2025. The recent price increase of over 25% in the last two weeks, though unrelated to the ETF filing, could potentially build forward momentum for the altcoin.

However, the growing number of altcoin ETFs in the market may limit the impact of the NEAR ETF due to market saturation. Bitwise's current plan involves several other "first of its kind" ETFs, and a NEAR product might face a crowded market if approved. As the number of altcoin ETFs increases, the law of diminishing returns could have a negative impact on the NEAR ETF's potential success.

The shift towards altcoin ETFs signifies a broader acceptance of digital assets within traditional finance. In this context, the NEAR ETF could serve as a litmus test for how the market responds to niche altcoins. Investor sentiment remains pivotal, and as NEAR continues to evolve within the DeFi space, the ETF’s approval could either catalyze a surge in investment or be met with indifference due to market saturation.

NEAR stands out due to its unique sharding technology, which enhances its scalability compared to many other blockchains. This feature not only facilitates faster transactions but also reduces network congestion, making it a compelling option for developers. With Bitwise’s ETF initiative, there are opportunities to educate investors about NEAR’s underlying technology, potentially leading to a more informed investment landscape.

The NEAR ETF filing by Bitwise is a notable addition to the growing landscape of cryptocurrency investment products. As regulatory pressures and market dynamics evolve, NEAR’s unique attributes could play a crucial role in its future trajectory. Investors should keep a close eye on how Bitwise’s initiatives develop and the potential for NEAR to capture a more significant share in the altcoin market.