$NEAR | ETF Launch Test We lined up NEAR since the $NRR listing against 10 crypto ETF launches and the $ZCSH / $ZEC template. Base Case | Most Launches Fade • Typical launch: -13% by day 20 • Only 3 of 10 were up at day 20 • All 3 had ETF volume GROWING in weeks 2-3 Best-Case Fractal Scenario | $ZCSH • $ZEC chopped for 9 sessions after listing • Then +43% by day 10, +90% by day 20 • ZCSH volume: $20M → $36M → $74M/day by week NRR ETF Pulse | Day 2 Since Launch • $50M of creations across two prints • 9.81M NEAR held by the trust, • 7.2M already staked on-chain • Day-2 volume $19.9M vs ZCSH's $14.2M Decision Window | Days 4-10 • Tons of market catalyst within this window • Issuance-cut vote (2.5% → 1.6%) • @token2049 Oct 7 Confirmation = daily close above $5.59 with week-2 volume holding above $20M/day. Fade = volume rolling under $15M, the path 7 of 10 launches took. NEAR +4.5% from the listing close, ahead of the typical launch + in step with the ZEC template - volume could decide which way it goes.