AI-focused NEAR token slumped by 5% on Friday despite the launch of Bitwise's NEAR exchange-traded product (ETP).

The sell-off comes during a muted day for cryptocurrencies with bitcoin also falling back from its test of a new record high.

The launch of Bitwise's NEAR Staking ETP marks a significant milestone for institutional adoption of the protocol, allowing regulated investors to gain exposure to NEAR's staking rewards through a traditional investment vehicle.

Technical analysis

CD20 Index Plunges 2% as Bearish Momentum Accelerates

The CD20 index experienced significant downward pressure in the last 24 hours from 3 July 17:00 to 4 July 16:00, dropping from $1,788.41 to $1,756.06, representing a decline of $32.35 or 1.81%.

The overall trading range during this period was $45.74 (2.56%), with the peak of $1,801.60 occurring on 3 July 21:00 followed by consistent selling pressure that intensified after 13:00 on 4 July, when prices fell sharply by nearly $15 within a single hour.