Shorting XRP, Bitcoin, Ether, SOL Has This NEAR Trader up $20 Million

Why Did $NEAR Make a Run?

The timing of the entry matters more than size since the trader was in before $NEAR’s biggest catalysts landed. The Bitwise NRR fund, described as the first U.S. spot $NEAR exchange-traded fund (ETF), launched on Sept. 29 and pulled in nearly $58 million during its first week. For a token that once required an exchange account to own, that is a new door for brokerage money.

Usage has been climbing alongside price and $NEAR Intents, the network’s cross-chain swap layer, logged $1.84 billion through the course of September. Cumulative Intents volume is now estimated at $31 billion to $33 billion across more than 30 chains.

Lastly, in terms of supply, a governance change in late 2025 cut $NEAR’s maximum annual inflation from about 5% to roughly 2.5%, and a newer proposal would lower issuance again toward 1.6% over two years. Fewer new tokens and fresh ETF demand is the kind of mix leveraged traders hunt for.

Also, when bitcoin pushed toward $84,000 on Sunday, roughly $7.18 million in $NEAR positions were liquidated, most of them shorts, per a liquidation heatmap shared by Kook Capital.

The Hedge Nobody Mentions

Alongside the $NEAR long, the wallet runs shorts of about $2 million each on BTC, ETH, $SOL, BNB, XRP, $ADA and $AVAX. That adds up to roughly $14.7 million of bets against the large-cap market.