Growth
NEAR Token Drives $20.55 Million in Unrealized Profit
A Hyperliquid trader has amassed a $20.55 million unrealized profit from a long position in NEAR token, which has seen a significant price increase of over 145% in a month. The trader's NEAR long position has crossed $20 million in floating profit. In addition to the NEAR long, the trader has shorted seven of the market's biggest coins, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Binance Coin (BNB), XRP, Cardano (ADA), and Avalanche (AVAX). The trader's shorts are mostly underwater, with the AVAX short alone showing a loss of about $623,000. The trader's position highlights NEAR's growth, with the Bitwise NRR fund, the first U.S. spot NEAR ETF, launching on September 29 and attracting nearly $58 million in its first week. NEAR's usage has been climbing alongside price and Intents, the network's cross-chain swap layer, which logged $1.84 billion in September. The trader's shorts are currently down about $1.33 million, a small fraction of the NEAR gain. The trader's strategy involves 10x leverage on a $34 million position, meaning a 10% NEAR pullback would erase about $3.4 million of the gain. Analysts have warned that NEAR's relative strength index has at times pushed above 70 to 80, a zone often signaling overbought conditions, but ETF flows can reverse quickly.