Line by Line
The trade was first flagged by onchain analysts who noted the NEAR trader surpassed $20 million in floating profit after the token rose over 145% in one month. Hyperliquid public positions for the account fill in gaps and show the book as follows:LONG: NEAR: 5.756.507 NEAR at an average entry of $2.353, worth about $34.1 million. Unrealized profit on NEAR: Approximately $20.55 million, a margin return exceeding 1,500%. Leverage: 10x on a margin account worth roughly $7.97 million. Estimated liquidation price on NEAR: Approximately $1.33 million. The short book: Seven coins ranging from about $1.9 million to $2.3 million each. NEAR trades hands around $5.82 today, up roughly 12% on the day. At the start of September, the same token traded near $2.30. Why NEAR Made a Run Timing of entry matters more than size, as the trader was positioned ahead of NEAR’s biggest catalysts.
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Crypto Week Outlook: Key Events Set to Shape MarketsThe Bitwise NRR fund, described as the first US-traded NEAR exchange-traded product, launched on September 29 and gathered nearly $58 million in its first week. For a token that once required an exchange account to hold, this is a new door for broker money. Usage rose alongside price and NEAR Intents, the network’s cross-chain swap layer, which recorded $1.84 billion in September. Cumulative intents volume is now estimated between $31 and $33 billion across over 30 chains. Finally, on supply, a governance change at end-2025 cut NEAR’s max annual inflation from roughly 5% to about 2.5%, and a new proposal would reduce emissions further to 1.6% in two years.
Also, when Bitcoin pushed toward $84,000 on Sunday, roughly $7
Also, when Bitcoin pushed toward $84,000 on Sunday, roughly $7.18 million in NEAR positions were liquidated, mostly shorts, per Kook Capital’s liquidation heatmap. Hedge Nobody Mentions Alongside the long NEAR, the wallet runs shorts of roughly $2 million each on BTC, ETH, SOL, BNB, XRP, ADA, and AVAX. That means about $14.7 million in bets against large-cap market. These shorts are largely underwater, with AVAX short alone showing a loss of approximately $623,000, ADA about $327,000, and SOL about $207,000. The Bitcoin short was opened at an average of $79,550, so each move in Bitcoin’s price toward $84,000 cost the account money. In total, the short side lost about $1.33 million, a small fraction of the NEAR gain. What Breaks the Trade? NEAR would need to fall about 77% from current levels to hit the estimated liquidation mark of $1.33.
However, the 10x leverage on a $34 million position means a 10% NEAR pullback would erase roughly $3.4 million in profit in one move. Analysts also warned that NEAR’s relative strength index has occasionally pushed above 70 to 80, a zone that often signals overbought conditions.
