Bitwise NEAR ETF Draws $35.5M as Price Rallies 86%, How High Can It Go in October?

• Near price surged 86% as the Near ETF launched, with Bitwise Near recording $35.5M in first-day inflows and the Near rally gaining momentum ahead
• NEAR open interest in coins fell about 21% from its September 21 peak to 169M by September 29, even as the token rallied
• CoinCodex’s Near Forecast currently points to around $5.30 by October 29, 2026

The NEAR price has moved sharply up the radar in the last few days. The token has ended up gaining 86% between September 16 and September 29. The present NEAR rally has coincided with the launch of the first Bitwise NEAR ETF, giving investors a new way to gain exposure to the token. A new Santiment data share shows details about NEAR, stating how the token’s open interest in coins peaked at around 215M before falling to 169M on September 29.

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NEAR ETF Launch Comes After Strong Rally

The NEAR ETF has arrived at a striking time. The ETF launch has come at a time when the NEAR price has already been dominating the markets as of late. Between September 16 and September 29, NEAR price has ended up surging by 86%. The latest data shared by Santiment noted a few key findings about the token’s latest surge.

Santiment shared how the NEAR open interest had already fallen around 9% from the September 21 peak by September 27.

“On Sep 21, our analyst flagged $NEAR open interest as “steadily rising.” Eight days later the Bitwise NEAR ETF launched, and the leverage had already thinned out. $NRR began trading on NYSE Arca on Sep 29, and Bitwise reported $35.5M in first-day net inflows. Open interest in coins peaked at ~215M NEAR on Sep 21, the day of that insight. Dollar open interest kept climbing to ~$1.05B on Sep 27, while the coin count was already ~9% off its peak. By launch day, open interest in coins was down ~21% to ~169M NEAR, just below its Sep 16 level. Price over the same stretch, Sep 16 to Sep 29: up ~86%.”

However, the platform reported how NEAR dollar-denominated open interest has continued to rise to $1.05B. Moreover, the data further stated that the latest NEAR rally has not simply arrived due to traders adding more leveraged positions.

Santiment shared that the spot buyers had appeared around the ETF launch, while the leverage was already lighter than it was earlier.

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NEAR Forecast for October

According to the latest CoinCodex NEAR Forecast, NEAR price may end up noting a more modest move in October. The CC data currently projects the token at an average of around $5.30 in October.

CoinCodex currently forecasts NEAR at around $4.75 by the end of 2026, $4.86 by 2030, $2.78 by 2040, and $5.21 by 2050. These figures are model-based estimates and can change with market conditions.

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