NEAR climbed 23% to just above $4 in the past 24 hours, the standout among major tokens, per CoinDesk data. Bitcoin traded just above $81,000 over the same window, up less than 1% and adding to ground taken since the U.S. Securities and Exchange Commission cleared a path for onchain trading of tokenized U.S. stocks on Thursday.
The swap flow behind NEAR’s move
The NEAR move traces to NEAR Intents, a service built on the NEAR blockchain that lets a wallet trade one token for another across chains without the user moving funds between them first. Consumer wallets ZODL and Vizor have plugged in to offer ZEC swaps, and daily ZEC volume routed through the service jumped sixfold in the past week, per the CoinDesk report.
In effect, NEAR has become the routing layer for one of the most heavily traded tokens on the market, and its own token has followed the traffic.
Bitcoin’s broader setup
Bitcoin extended a slow climb through the Asian session as regional equities and U.S. stock futures rose on progress in trade talks between Washington and Beijing. MSCI’s Asia Pacific gauge climbed nearly 1%, led by technology shares in South Korea and Taiwan; S&P 500 futures rose less than 1% and Nasdaq 100 contracts a little more.
U.S. officials described the talks as “very successful” ahead of a summit between Presidents Donald Trump and Xi Jinping this week. Brent crude fell 2% to just above $101 a barrel, its fourth straight decline, easing inflation worries and lifting Treasury futures.
The Thursday SEC clearance of tokenized U.S. stock trading onchain helped spur a short squeeze in BTC over the weekend, according to Jeff Mei, chief operating officer at exchange BTSE. Mei said he expects more volatility in the weeks leading up to the Federal Reserve’s late-October meeting, with speeches and a single inflation print in between to shift positioning before then.
The rest of the majors and what to watch
Elsewhere in crypto, ZEC gained 3% to just above $1,500 and BNB 2% to nearly $777. Ether and HYPE each picked up about 2%, while XRP, DOGE, SOL and TRX rose 1% or less, per CoinDesk data.
For the NEAR-Intents trade, the case weakens if ZEC swap volume through the service falls back to prior levels or if ZODL and Vizor route the same flow through a competing venue. The original report does not state absolute ZEC volumes or the source of the daily volume figures, leaving the comparison window and the data provenance unclear.
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