NEAR: Bitwise NRR ETF Debut and $3.8M Exploit Fuel Derivatives Moves

NEAR derivatives positioning shifted sharply around two major developments in late September and early October: the launch of Bitwise's NRR ETF and a disclosed exploit tied to NEAR Intents. Santiment Intelligence data shows NEAR open interest (measured in coins) fell about 22% ahead of the ETF debut, sliding from 215 million NEAR on Sept. 21 to 169 million by Sept. 30. Bitwise said its NRR ETF began trading on Sept. 29 and drew roughly $35 million in net inflows on day one. Despite the pullback in open interest, NEAR's price remained about 12% above its Sept. 21 level even after later weakness. Derivatives activity picked up after NEAR Intents disclosed a $3.8 million exploit on Oct. 1. The team said the issue was patched and that impacted users would be fully compensated. NEAR closed at $4.81 that day, down roughly 10%, while open interest rose around 4% from 169 million to 176 million NEAR. Santiment noted traders added exposure into the decline, though open-interest figures do not indicate whether positioning was net long or net short. Technically, NEAR was trading near $4.69 on the referenced chart, below the September peak around $5.40–5.45 and under its 50-day moving average of $4.98. Support levels highlighted include $4.39 as near-term support, followed by $3.85 and $3.35; the 200-day moving average also sits near $3.35. Trading volume expanded during September's breakout, reaching about 863.28 million NEAR. A reclaim of $4.98 would put the recent highs back in view, while a break below $4.39 would open the door to lower support zones.