Near Protocol (NEAR) is holding the $5 level. As procedures related to a U.S. spot ETF show progress, market attention continues, but the price has pulled back sharply from its intraday high, amplifying volatility as ETF-driven momentum mixes with short-term profit-taking.

■ 24-Hour High-Low Spread Exceeds 10%

As of 10 p.m. on the 28th (Korean time), NEAR was trading at $5.193 on Binance spot, up 0.91% over the past 24 hours. The 24-hour high was $5.578 and the low was $4.935, putting the spread between the high and low above 10%.

Data from other exchanges also confirms NEAR's expanded volatility on the day. According to OKX figures, the day's high was $5.58 and the low was $4.933. Prices and percentage changes may vary depending on the exchange and time of aggregation.

■ 'Bitwise NEAR ETF' Drives Price Rise

The key catalyst moving NEAR's price recently is Bitwise's NEAR ETF. According to the prospectus dated September 24, the 'Bitwise NEAR ETF' will trade on NYSE Arca under the ticker 'NRR'. The ETF's primary investment objective is to provide exposure to NEAR's value by holding NEAR directly, with acquiring additional NEAR through staking set as a secondary objective.

According to related reports, as the ETF registration's effectiveness and the NYSE Arca listing approval process proceed, NEAR has climbed to a high price level over the past year. Some market data shows NEAR has risen sharply over the past week.

■ Not an 'SEC Approval'... Note the Legal Disclaimer

There is a point of caution. The SEC prospectus explicitly includes the legal disclaimer that the Securities and Exchange Commission 'has not approved or disapproved' the securities. Therefore, rather than saying 'the SEC has approved the NEAR ETF,' it is more accurate to explain that the registration statement has become effective and the exchange listing process is underway.

■ Down 6.9% From the High... Buying and Selling Battle

Warning signs are also appearing in the price movement. NEAR, which rose to $5.578 during the day, fell to $5.193 as of 10 p.m., about 6.9% below the high. Conversely, it is about 5.2% above the 24-hour low of $4.935. This means buying and selling forces are clashing strongly within a single day.

Given the recent gains, it is also necessary to check how much of the ETF-related news has already been priced in. In particular, whether the scale of capital inflows after actual ETF trading begins and subsequent NEAR spot demand materialize is the next checkpoint.

In the short term, the 24-hour high of $5.578 and low of $4.935 form the range for observing the price movement. However, these are observation points based on the day's actual trading range, not support and resistance lines predicting a rise or fall.

■ The Key Now Is Actual Trading and Capital Flows

Ultimately, the focus of the NEAR market is shifting from the ETF news itself to actual trading and capital flows. With prices moving rapidly of late, ETF-related follow-up schedules, trading volume, and actual capital inflows must be checked together.

[This article is an informational piece written using AI for some sentences and summarization, based on the provided spot prices and publicly available market and disclosure materials. It does not guarantee the rise or fall of any specific virtual asset, nor does it recommend buying or selling. Virtual asset prices can fluctuate rapidly depending on market conditions, and responsibility for investment losses lies with the investor.]