NEAR Protocol Joins Bitwise Large-Cap Indexes Following October Rebalance
Bitwise included NEAR in several large-cap indexes during its October 30 rebalance, replacing assets like UNI and AVAX.
NEAR Protocol Joins Bitwise Large-Cap Indexes Following October Rebalance
Bitwise included NEAR in several large-cap indexes during its October 30 rebalance, replacing assets like UNI and AVAX.
Bitwise Large-Cap Indexes Update
Bitwise updated its cryptocurrency indexes on October 30, bringing the NEAR token into several large-cap benchmarks. According to NewsBTC, the inclusion resulted in NEAR replacing either UNI or AVAX depending on the specific benchmark. Market analysts note that joining an index does not guarantee a specific price effect for the newly added asset.
Broader Market Context in October
The index rebalance occurred during a month marked by broader capital outflows across digital asset investment products. US spot Bitcoin ETFs recorded $515 million in net withdrawals at the close of October, alongside $643 million in total Bitcoin ETF exits following a security incident at Binance reported by Cointelegraph. Ether funds experienced a record $1.61 billion in monthly outflows during the same period.
Traditional markets maintained higher valuations while digital assets faced downward pressure. Bitcoin traded 39 percent below its peak value, and certain meme coins suffered declines of up to 99 percent from their highs. Meanwhile, the S&P 500 index trailed its own record high by only 3 percent.
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