BONK: Traders aren’t quite done yet

BONK: Traders aren’t quite done yet

Despite its 7% 24h slip, BONK’s Futures market was telling a different story.

Open interest (OI) was at $54.7 million at press time; still significantly elevated from early July levels and more than double what it was just two weeks ago.

The chart showed a steep climb in both price and open interest beginning around the 4th of July, showing renewed risk appetite among traders.

This spike came alongside improving sentiment in the broader crypto market and BONK’s recent addition to Grayscale’s tracking list – an institutional nod that some interpret as early validation.