Bitwise head of research says investors underestimate institutional adoption of NEAR and HYPE

NEAR and Hyperliquid are giving investors new ways to evaluate crypto assets through revenue, token buybacks, and growing institutional demand, according to Ryan Rasmussen, Head of Research at Bitwise. In an exclusive interview with Crypto Briefing, Rasmussen discussed the investment cases for NEAR and HYPE, the role of exchange traded funds and digital asset treasuries, and the risks that could challenge both ecosystems. NEAR buybacks grow but remain below token issuance Rasmussen described NEAR as two investments in one. The first is NEAR Intents, a trading infrastructure product that processed a record $4.8 billion in September, up nearly 900% from a year earlier. The second is its potential role in providing infrastructure for AI agents. The network has already begun translating Intents activity into demand for its native token. Since February, users have paid more than $29 million in fees, resulting in $5.3 million in NEAR buybacks, according to Rasmussen. However, he acknowledged that current repurchases are not sufficient to offset new token issuance. “Today, buybacks aren’t enough to offset new issuance. But it’s still early,” Rasmussen said. He expects growing Intents acti...