NEAR Intents has often grabbed attention from users due to its security and speeds. For instance, the protocol is in the news today after rejecting over 500 million transaction quotes linked to the Binance hackers. The amount seemed to be proceeds from 29th October’s exploit.
Simply put, the move implied that despite the infrastructure being permissionless, it does not necessitate a free pass for money laundering.
NEAR Protocol [NEAR] briefly fell from the top-20 cryptos by market cap, but it has since reclaimed its spot, rising to 18th place. At press time, the altcoin was down by over 12% on the weekly charts as capital outflows surged despite infrastructure adoption.
That’s not all either as NEAR Co-founder Illia Polosukhin also noted that the chain has fixed privacy issues common on public networks by enabling private transaction processing. According to him, “NEAR is encrypted in Ethereum [ETH].”
On the adoption front, the protocol has integrated PEARL, allowing users to deposit, swap across 180+ assets, and hold and pay with it across 35 chains. Furthermore, the chain has enabled India’s largest IPO ever, JIO, a day after launching RELIANCE.
Where does demand stand for NEAR ETF?
While network adoption has continued to grow, demand has been declining. For example, Bitwise’s NEAR ETF, which saw over $88 million in inflows in the first four weeks on Wall Street, has since turned negative.
Last week, the product lost about $3.43 million in capital, while this week, it has already lost $4.38 million. Worth noting, however, that the cumulative total net inflows were $80.45 million.
Additionally, the Total Value Locked (TVL) for the entire chain fell by over $70 million in a month, from $378 million to $306 million, according to DefiLlama. For NEAR Intents’ TVL, it fell from $267 million to around $190 million.
Will the altcoin’s support hold or fail?
On the price charts, NEAR has been testing the 100-day EMA at $3.73, which was in alignment with the 50% Fibonacci Retracement level. The altcoin also broke the neckline at $4.50, which hinted at a shift in the market structure.
The MACD indicator bars seemed to be fading too, indicating that bearish strength was slowly diminishing. If bears give up control, the altcoin may hold above the EMA support.
If NEAR breaks below $3.76, its price could revisit the 0.618 and 0.786 Fib levels at $3.24 and $2.49, respectively. Therefore, as the altcoin continues to make lower highs and lows on the daily chart, the ultimate test will be at $3.73.
Final Summary
- NEAR Intents refused over 500 million in transactions from hacks since Binance’s incident.
- NEAR ETF demand and TVL declined as its price action tested the 100-day EMA.
