NEAR’s $1.92B Futures Record Raises Leverage Concerns

Open interest on NEAR-related futures contracts hit a record $1.92 billion on October 12, while the token benefited from a rotation into cryptos associated with artificial intelligence. This peak reflects strong speculative activity, but not the arrival of $1.92 billion in fresh capital. Open interest on NEAR derivative contracts fluctuated between $300 and $450 million in July and August. It started to increase rapidly in mid-September before surpassing one billion dollars and then reaching $1.92 billion on October 12. The price followed a similar trajectory.