- BONK recorded a 22 percent surge in the last 24 hours, leading the cryptocurrency market.
- The rally followed speculation around a possible 2x Long BONK ETF by Tuttle Capital.
- The ETF filing suggests the product could launch as early as July 16.
BONK led the cryptocurrency market today with a 22% surge in the past 24 hours. The rally coincided with broader market recovery, but it was mainly driven by investor optimism surrounding a potential leveraged ETF. As anticipation builds, BONK price momentum continues to attract growing interest across spot and futures markets.
BONK Price Surges Ahead of ETF Launch Speculation
Tuttle Capital submitted an amendment to the US SEC for its planned 2x Long BONK ETF. The filing indicates the ETF may start as soon as July 16. This has triggered market speculation, fueling increased buying activity in BONK.
As a result, BONK‘s price experienced notable upward pressure, breaking through recent resistance levels with high trading volume. Traders anticipate the ETF will attract additional inflows and institutional attention, which has led to a sharp increase in BONK’s spot net inflow over the past 24 hours.
Today, the net inflow is $1.68 million, two times that of the previous day. This amount indicates how much capital comes into the asset through direct purchases, and it indicates a stronger demand among investors. An increase in spot inflows is generally a sign of good market feelings and the accompanying probability of further price gains.
BONK Spot Inflow/Outflow. Source: Coinglass
Read Also: Tuttle Capital Sets July 16 Launch for 2x Leveraged Crypto ETFs
Futures Market Data Shows Bullish BONK Price Sentiment
BONK’s futures market shows a positive funding rate of 0.0085% as of this writing. This implies that traders prefer long positions to short positions in the new market structure. A positive funding rate reflects growing confidence in further BONK price increases.
The funding rate mechanism keeps the prices of the contracts perpetual on the spot market. As long-term demand grows, financing becomes positive, promoting long positions. BONK’s current rate confirms traders are positioning for continued upside in the short term.
BONK Funding Rate. Source: Coinglass
Additionally, the BONK price now trades above its 20-day exponential moving average (EMA), currently at $0.000014. This technical level has become a dynamic supporting agent in the rally. Whenever the trading price is observed to be trading above this EMA, continuous bullish pressure in the short term is indicated.
BONK Price Analysis. Source: TradingView
Bulls are evaluating whether they can maintain a breakout to $0.000018. If buying pressure weakens, the BONK price could test support near $0.000016. A lower break can affect another decline down to $0.000012, canceling out part of this week’s gain.
Read Also: BONK Price Prediction: Bullish Momentum Builds as Meme Coin Eyes Key Breakout