AMBCrypto • October 9th 2026, 1:30 AM
NEAR crypto drops 16% a day after Bitwise’s bullish report
Key Summary
NEAR Protocol's third-quarter performance has garnered attention from Bitwise CIO Matt Hougan, who highlighted the token's 198% growth in Q3, outpacing Bitcoin and Ethereum. Despite a 16% drop in value, NEAR has seen significant growth, with monthly trading volume increasing from under $500 million to $4.80 billion in September. Co-founder Illia Polosukhin's vision for a future with AI-powered asset swaps has also contributed to the token's appeal.
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NEAR Crypto Plunges 16% After Bitwise CIO's Bullish Report
Market Commentary
Bitwise CIO Matt Hougan recently highlighted NEAR Protocol's impressive third-quarter performance, citing the token's 198% growth in Q3. This outpaced Bitcoin's 43% gain and Ethereum's 71% increase. Hougan notes that most small coins are long shots that end badly, but NEAR is one of the few he's comfortable recommending due to its established business model.Trading Volume and Business Model
NEAR's monthly trading volume has increased significantly, from under $500 million in September 2025 to $4.80 billion in September 2026. This growth is a testament to the token's increasing adoption and popularity. Co-founder Illia Polosukhin's vision for a future with AI-powered asset swaps has also contributed to the token's appeal.Technical Analysis
Indicators have been warning of a potential correction for some time. The Relative Strength Index (RSI) was above 80 a few days ago, and has since dropped to 52.7. The Moving Average Convergence Divergence (MACD) has also become bearish, with the red bars getting longer since the start of October. Despite this, NEAR is still up 3x from its August low near $1.60.#NEAR#Crypto#Bitwise#SEC