NEAR Trader Gains $20 Million Amidst ETF Launch and Market Movements
- A Hyperliquid account long on NEAR has shown a $20.55 million paper gain as NEAR trades near $5.82, up from an entry price of $2.35.
- The trader holds approximately $14.7 million in shorts on BTC, ETH, SOL, XRP, BNB, ADA, and AVAX, which are down about $1.33 million.
- NEAR’s rally is linked to the launch of Bitwise’s spot ETF on September 29, which attracted nearly $58 million in its first week.
- The estimated liquidation price for the NEAR position is around $1.33 with a leverage of 10x on a cross-margin account valued at roughly $7.97 million.
- A governance change has reduced NEAR’s maximum annual inflation from about 5% to roughly 2.5%, with proposals to lower it further toward approximately 1.6% over two years.
The significant rise in NEAR’s value follows the introduction of a new ETF and strategic market positioning by traders capitalizing on reduced token supply and increased demand through brokerage channels.
Despite losses in short positions across major cryptocurrencies such as Bitcoin and Ethereum, the trader’s gains from NEAR remain substantial due to strategic timing before key market catalysts like the ETF launch (Source).
