AI-focused NEAR token slumped by 5% on Friday despite the launch of Bitwise’s NEAR exchange-traded product (ETP).

The sell-off comes during a muted day for cryptocurrencies with bitcoin also falling back from its test of a new record high.

The launch of Bitwise’s NEAR Staking ETP marks a significant milestone for institutional adoption of the protocol, allowing regulated investors to gain exposure to NEAR’s staking rewards through a traditional investment vehicle.

Technical analysis

• NEAR has experienced a substantial decline of $0.124 (5.42%) over the 24-hour period from 3 July 15:00 to 4 July 14:00, with price dropping from $2.294 to $2.170.
• The asset established a clear resistance zone around $2.290-$2.298 with multiple rejections, while breaking below key support at $2.220 on heavy volume (2.7M) during the 04:00 hour.
• The bearish momentum intensified with a volume spike to 2.83M at 07:00 when price reached its lowest point at $2.172, forming a potential double bottom with the 13:00 candle’s $2.167 low, suggesting possible stabilization despite the overall negative trend.
• During the last 60 minutes from 4 July 13:06 to 14:05, NEAR experienced significant volatility with a net decline of $0.018 (0.82%), dropping from $2.192 to $2.170.
• The asset established a clear resistance at $2.177 with multiple rejections, while showing notable selling pressure at 13:37-13:39 when price plummeted from $2.174 to $2.169 on heavy volume (119K).
• A brief recovery attempt occurred at 13:53 with a spike to $2.175 on substantial volume (77K), but momentum failed to sustain, with price ultimately settling into a consolidation pattern between $2.169-$2.171 in the final minutes of the period.

CD20 Index Plunges 2% as Bearish Momentum Accelerates

The CD20 index experienced significant downward pressure in the last 24 hours from 3 July 17:00 to 4 July 16:00, dropping from $1,788.41 to $1,756.06, representing a decline of $32.35 or 1.81%.

The overall trading range during this period was $45.74 (2.56%), with the peak of $1,801.60 occurring on 3 July 21:00 followed by consistent selling pressure that intensified after 13:00 on 4 July, when prices fell sharply by nearly $15 within a single hour.

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BlackRock, the world’s largest asset manager and now a major player in the broader crypto landscape, is making headlines again with the upcoming launch of its first Bitcoin exchange-traded product (ETP) in Europe.

Following the successful performance of its $48 billion US fund that tracks Bitcoin, the new iShares Bitcoin ETP is set to debut on Xetra and Euronext Paris under the ticker IB1T, and on Euronext Amsterdam under the BTCN ticker on Tuesday.

BlackRock’s First Crypto Venture Outside North America

To attract investors from the outset, BlackRock is implementing a temporary fee waiver of 10 basis points, which will reduce the expense ratio to 0.15% until the end of the year. 

According to Bloomberg, this pricing strategy positions IB1T among the most competitively priced options in the market—significantly cheaper than Europe’s largest crypto ETP, CoinShares International Ltd’s physical Bitcoin product, which charges 0.25%.

Manuela Sperandeo, BlackRock’s head of Europe & Middle East iShares Product, commented on the launch, stating that it represents a potential “tipping point” in the industry. 

The iShares Bitcoin ETP marks BlackRock’s first venture into crypto-linked ETPs outside North America. While similar products have been available in Europe for years, the market—valued at $13.6 billion—remains significantly smaller compared to the US market. 

BlackRock’s US-listed iShares Bitcoin Trust made headlines upon its launch in January 2024 following the US Securities and Exchange Commission’s (SEC) approval, quickly accumulating billions in assets and setting records for ETF launches.

The physical Bitcoin backing the IB1T will be custodied by Coinbase Global. The product is designed for both institutional and informed retail investors and will be issued by a special purpose vehicle based in Switzerland.

BUIDL On The Solana Blockchain

In related developments, the asset manager is also expanding its digital asset offerings through collaboration with Securitize, a financial technology company for real-world asset (RWA) tokenization. 

The BlackRock USD Institutional Digital Liquidity Fund (BUIDL), which has recently surpassed $1 billion in assets under management, will launch a new share class on the Solana (SOL) blockchain, representing BlackRock’s first tokenized fund to be issued on a public blockchain.

Launched in March 2024, BUIDL provides qualified investors with access to US dollar yields on-chain, featuring flexible custody options, daily dividend payouts, and near real-time peer-to-peer transfers.

With BUIDL now available on seven blockchains—including Aptos (APT), Arbitrum (ARB), Avalanche (AVAX), Ethereum (ETH), Optimism (OP), and Polygon (POL)—cross-chain interoperability is facilitated by Wormhole, allowing secure and seamless token transfers.

Carlos Domingo, co-founder and CEO of Securitize, highlighted the growing demand for tokenized real-world assets and the asset manager’s decision to expand to the Solana blockchain, stating:

In the year since BUIDL’s launch, we’ve experienced significant growth in demand for tokenized real-world assets, reinforcing the value of bringing institutional-grade products on-chain. As the market for RWAs and tokenized treasuries gains momentum, expanding BUIDL to Solana—a blockchain known for its speed, scalability, and cost efficiency—is a natural next step

At the time of writing, Bitcoin is trading at $88,000, up 8% on a weekly basis. Solana, on the other hand, has seen even greater gains with a price spike of nearly 20% in the same time frame, trading at $145.

Featured image from Shutterstock, chart from TradingView.com 

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BlackRock, the largest investment firm in the world with over $11 trillion in assets under management, made two significant moves on March 25 to increase its presence in the crypto industry.

The firm has extended its tokenized money market fund to the Solana blockchain and introduced its first Bitcoin exchange-traded product (ETP) in the European market.

Bitcoin ETP

BlackRock has launched its iShares Bitcoin ETP across major European markets.

According to the product’s website, the ETP will begin trading on March 25 on Germany’s Xetra exchange, Euronext Paris, and Euronext Amsterdam. The product trades under the ticker IB1T on Xetra and Paris and BTCN in Amsterdam.

To encourage adoption, the ETP is debuting with a reduced fee of 0.15%, which will remain in effect until 2026. After that, the fees will increase to 0.25%, aligning with similar regional offerings.

This launch follows the strong performance of BlackRock’s iShares Bitcoin Trust (IBIT) in the US, which currently manages over $50 billion in assets.

According to data from SoSoValue, the US-based fund now holds approximately 2.9% of the total circulating Bitcoin supply.

BUIDL’s Solana expansion

In a separate development, BlackRock’s tokenized fund, the USD Institutional Digital Liquidity Fund (BUIDL), is now live on Solana.

This marks the seventh blockchain to support the fund, following earlier rollouts on Ethereum, Avalanche, Arbitrum, Aptos, Polygon, and Optimism.

Securitize, BlackRock’s partner for BUIDL, explained that it expanded the product to Solana because of the blockchain network’s fast transaction speeds and low network fees.

Carlos Domingo, Co-founder and CEO of Securitize, said:

“As the market for RWAs and tokenized treasuries gains momentum, expanding BUIDL to Solana—a blockchain known for its speed, scalability, and cost efficiency—is a natural next step.”

BUIDL tokenizes traditional money market funds, offering the benefits of blockchain-based settlement and 24/7 trading. This contrasts with conventional funds that operate within limited market hours.

Currently, BUIDL manages over $1.7 billion in assets, primarily in cash and short-term US Treasury bills. Ethereum hosts the bulk of these holdings—over $1.5 billion—while the remaining assets are distributed across other supported blockchains.

Aptos and Avalanche each hold around $53 million, followed by Polygon, Arbitrum, and Optimism, which have $33 million, $32 million, and $27 million, respectively.

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A group of US senators, led by Cynthia Lummis, has urged the Securities and Exchange Commission (SEC) to clarify its position on protocol staking in crypto exchange-traded products (ETPs) in a Feb. 20 letter. 

The lawmakers are seeking answers regarding the exclusion of staking from ETP issuers’ S-1 filings, which they argue impacts the competitiveness of U.S. asset managers and prevents investors from accessing core blockchain functions.

The SEC has allowed the registration of multiple digital asset ETPs but has consistently required issuers to remove protocol staking from their filings. 

As a result, the senators have requested that the SEC provide explicit reasoning for its decision to exclude staking from digital asset ETPs. 

They have posed three key questions regarding the rationale behind the restriction, the risks the SEC identified regarding staking, and whether the regulator would allow staking to be offered within a registered security instrument if the product is seen as an investment contract.

Additionally, the senators argued that increased transparency would help market participants understand the SEC’s regulatory position and inform potential legislative action if needed.

The senators have set an April. 1 deadline for the SEC to respond to its letter.

Competitive disadvantage

The senators contend that this stance limits the investment potential of these products in the US, placing them at a disadvantage compared to similar offerings in Canada, Europe, and the United Kingdom. The latter recently permitted digital asset ETPs with staking, supported by bipartisan backing from Conservative and Labour leadership.

Staking is integral to proof-of-stake (PoS) networks such as Ethereum (ETH) and Solana (SOL). It enables validators to secure blockchain networks by locking up native assets in exchange for transaction fees and newly minted tokens.

The letter authors argue that barring staking from ETPs prevents investors from realizing these benefits, reduces their potential returns, and weakens network security.

Staking discussions are heating up

On Feb. 5, the SEC’s Crypto Task Force met with Jito Labs CEO Lucas Bruder, Multicoin Capital’s Kyle Samani, and legal experts from both firms. The discussion focused on integrating staking into ETP structures while addressing regulatory concerns.

The SEC has cited multiple reasons for its hesitation, including redemption timelines that conflict with the T+1 settlement cycle, the tax implications of staking rewards, and the classification of staking-as-a-service as a securities offering. 

These factors led the SEC to require issuers to strip staking features from initial Ethereum ETP applications. 

During the meeting, industry representatives presented two models designed to mitigate the SEC’s concerns while enabling staking within ETPs. 

The first proposes that a portion of ETP-held assets be staked through third-party validators, while the second model would allow ETPs to hold liquid staking tokens representing staked assets. For example, a Solana-based ETP could include JitoSOL, a liquid staking derivative of SOL.

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