In the virtual asset market, NEAR Protocol (NEAR), Arbitrum (ARB), and Uniswap (UNI) have surged simultaneously, drawing attention to whether capital is rotating into the altcoin market. As project-specific catalysts get priced in, some observers speculate that the Bitcoin-centered market trend may be spreading to select altcoins.

■ NEAR Rises 38% in 7 Days... Privacy Feature Enhancement Cited as Catalyst

According to the provided market data, NEAR rose more than 25% over 24 hours and roughly 38% over the past 7 days. One factor behind the rally is cited as the strengthening of privacy features in the NEAR ecosystem.

On the 17th, NEAR Protocol unveiled a feature that makes perpetual futures positions on near.com private by default. The structure allows traders to open positions using existing accounts while making it difficult for outsiders to identify the link between positions and accounts. NEAR's 'Confidential Intents' also focuses on limiting exposure of order size, direction, and strategy during cross-chain transactions.

NEAR's connection to multiple themes such as artificial intelligence (AI), chain abstraction, and cross-chain trading is also cited as a factor drawing market interest. However, it is difficult to attribute the short-term price increase solely to the launch of a single technology or service.

■ Arbitrum Soars About 49% in 7 Days... Ecosystem Profitability Reassessed

Arbitrum also showed strong momentum, rising more than 31% over 24 hours and about 49% over the past 7 days according to the provided data. Market interest in the actual usage and revenue structure of the Arbitrum ecosystem appears to be rising again.

However, the Standard Chartered analysis included in the provided materials and the specific figure that Robinhood Chain generates approximately $5 million in monthly revenue require further verification against the original source. Accordingly, rather than concluding these as direct causes of the price increase, it should be viewed at the level of the Arbitrum ecosystem's profitability and network utilization coming under market reassessment.

■ Uniswap: SEC's 'Innovation Exemption' Acts as Upward Catalyst

Uniswap received a relatively clear regulatory catalyst. According to the provided data, UNI rose about 24% over 24 hours and roughly 41% over the past 7 days.

On the 17th, the U.S. Securities and Exchange Commission (SEC) announced a temporary and conditional 'Innovation Exemption' allowing tokenized NMS stocks to be traded in licensed on-chain trading environments. The framework grants a regulatory exception enabling Tokenized Securities Venues meeting certain conditions to utilize licensed automated market makers (AMMs) and liquidity pools. The exemption applies for five years, and synthetic stock tokens are excluded.

Tokenized stocks must provide rights identical to traditional stocks, including dividends and voting rights, and a mechanism allowing issuing companies to object has also been established. As a result, the market is watching what role decentralized finance (DeFi) protocols with licensed AMM structures will play in the new on-chain securities trading environment. However, the SEC's action does not immediately guarantee increased trading volume or revenue for any specific protocol.

■ Sustainability Matters More Than the Surge Itself... Watch for Expanding Volatility

The simultaneous rise of the three assets is notable in that different catalysts are working at the same time rather than a single driver. NEAR is drawing attention for privacy and cross-chain technology, Arbitrum for ecosystem utilization and profitability, and Uniswap for changes in U.S. tokenized securities regulation.

Accordingly, the key going forward will likely be whether trading volume and on-chain activity are sustained after the rally, rather than the surge itself. In particular, altcoins that have risen sharply in a short period can experience greatly expanded price volatility, so it is necessary to watch what balance between buying and selling pressure forms at newly established price levels.

[Virtual assets are highly volatile, and this article is intended to provide information, not investment advice. The final judgment and responsibility for investments rest with the investor. AI assisted with some sentence composition and data organization, and the reporter reviewed and edited the content.]