Bitcoin Capital, a key issuer on the SIX Exchange, is set to launch a BONK Exchange-Traded Product (ETP) on November 27th. This debut will offer EU investors 1:1 exposure to the memecoin, potentially driving a spike in trading volume and activity for BONK.
- Market Context: The news comes as BONK is consolidating near the apex of a massive falling wedge pattern—a retracement following a previous rally.
- Recent Weakness: Despite the ETP hype, BONK fell by about 10% in the last 24 hours, aligning with a broader market decline that saw Bitcoin (BTC) dip below $85,000. However, daily volume for BONK increased to $200 million.
- Seller Control but Weakening: The Bull Bear Power (BBP) metric indicates sellers are currently in control, but their strength is less dominant than in mid-October, suggesting a potential shift in sentiment.
On-Chain Whale Activity
While retail traders show signs of capitulation, whales and savvy traders are demonstrating a different sentiment:
- Big Positions: Data from CryptoQuant shows that spot and futures whales are placing large orders on BONK while it trades in a discounted area and at the multi-month consolidation's apex.
- Familiar Script: This pattern mirrors the price action between January and May, where whales stepped in after retail activity subsided, leading to a subsequent price surge.
- Bullish Accumulation: The Spot Taker CVD (90-day), a metric reflecting buying pressure, flipped bullish on November 8th, suggesting that ETP hype may have already contributed to the shift in sentiment and accumulation by large holders.
In Conclusion: The launch of the BONK ETP, coupled with significant accumulation by whales, suggests the price action could soon break out of its consolidation pattern. However, weak broader crypto market conditions might cause the consolidation to persist a little longer.
November 2025, Cryptoniteuae