What to Watch Next
Bitwise Launches the First U.S. Spot NEAR ETF
On September 29, Bitwise launched the Bitwise NEAR ETF (NYSE: NRR), the first U.S. exchange-traded product offering spot exposure to NEAR. Bitwise says it intends to stake the fund’s NEAR holdings in-house, allowing investors to receive exposure to both the asset and staking rewards. The launch extends the U.S. crypto ETF market beyond Bitcoin and Ether and tests how readily regulated products can incorporate staking.
The SEC Proposes New Crypto Custody Rules
On October 1, the SEC proposed a tailored custody framework for registered investment advisers and regulated funds. The proposal would permit crypto assets to be held in self-custody under limited circumstances and allow state trust companies to serve as custodians. If adopted, the rules could give institutions a clearer route to hold and manage crypto while defining new safeguards for client assets.
Blast Will Wind Down Its Ethereum Layer 2
On October 2, Blast announced that it would wind down its network, saying operating costs had exceeded the revenue generated by the Layer 2 and that it saw no credible path to sustainability. Users have been asked to withdraw assets to Ethereum mainnet through Blast’s interface by October 26. The closure turns one of the most heavily funded L2 launches of the last cycle into a test case for whether blockchain networks can retain enough real activity to support their operating costs.