Deeptesh Sharma

I sold $BTC to buy $NEAR. For the first time, NEAR's own revenue buys NEAR on the open market — and holders are being paid about 113x what they got in the 2021 cycle. → Swap fees buy NEAR on the open market. $28.09M a year → September's buyback ran 2.54x August's, while fees grew only 1.91x — the share reaching the token is accelerating → The Bitwise ETF took 17.09M NEAR in 21 days. 53.3% of a year's net issuance → Four products shipped and live since 17 September → A vote closing 2 Nov would cut issuance from 2.5% to 1.6% → NEAR/BTC: +112.6% in 90 days, +197.9% in a year Three buyers now, where NEAR used to have none: the buyback, an ETF, and a supply cut. The bet: NEAR doubles over 12 months while bitcoin does 15–20%. My own model says NEAR is too expensive to buy — 215.3x what reaches holders, against my $4.58 fair value. I bought anyway, because the revenue is growing faster than the price. So I didn't quietly move my own goalposts. I published the two conditions that mean I was wrong: Buyback under $40M a year on 31 March 2027 → I swap back to bitcoin. Weekly NEAR/BTC close under 4,700 sats → I swap back. Full research 👇 asymmetricjump.substack.com/… I post on Substack first; subscribe for free to get the alpha faster