BONK Hacker Moves $2.7M to Binance as Bitcoin Flashes Historic Bottom Signal

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• BONK’s exploiter transferred another $2.73 million worth of tokens to a Binance deposit address.
  
• Technical indicators suggest BONK could decline another 18% if bearish momentum continues.
  
• Bitcoin’s historical on-chain metrics point toward a possible cycle bottom despite muted ETF demand.

The cryptocurrency market is facing mixed signals as investors weigh renewed security concerns against signs that Bitcoin may be nearing a long-term bottom. On one side, Solana-based memecoin BONK remains under heavy pressure after a multimillion-dollar exploit, with the attacker continuing to move stolen funds. On the other, Bitcoin’s on-chain data suggests the largest cryptocurrency could be approaching a historical accumulation zone despite weak institutional demand.

The contrasting developments highlight a market caught between short-term uncertainty and longer-term optimism.

BONK Exploiter Moves Another $2.7 Million

BONK has remained in the spotlight following a roughly $20 million exploit that occurred on July 6. The project attributed the breach to a malicious governance proposal, though blockchain security researchers argued that the incident also exposed weaknesses in the protocol’s security practices.

The latest development saw the exploiter transfer approximately 800 billion BONK tokens in two separate transactions worth around $2.73 million to the same Binance deposit address. While deposits to an exchange do not necessarily confirm an immediate sale, they are commonly viewed as preparation for liquidation.

The transfers have added fresh uncertainty to a token that was already struggling with bearish momentum.

BONK Price Faces Growing Downside Risks

Market data reflects the pressure building around BONK. Over the past 24 hours, the memecoin has dropped nearly 7%, even as daily trading volume surged by almost 120%. Open Interest also climbed sharply, suggesting increased market activity during the decline.

Technical indicators continue to favor sellers. BONK has lost more than 74% of its value since reaching its yearly high in January, extending a broader downtrend that has persisted for months.

The token recently failed to reclaim a key resistance level, while declining On-Balance Volume points to sustained distribution. Meanwhile, the Relative Strength Index has yet to reach oversold territory, leaving room for another leg lower. If bearish momentum continues, analysts are watching the $0.00000287 area as the next significant downside target.

Bitcoin’s On-Chain Data Hints at a Market Bottom

While BONK struggles, Bitcoin is presenting a more balanced picture.

Research from Fidelity indicates that long-term Bitcoin holders now control close to 15 million BTC, approaching record levels. At the same time, nearly half of the supply held by these investors is currently sitting at a loss.

Historically, similar conditions have coincided with previous Bitcoin cycle bottoms. During the 2022 bear market, comparable levels of underwater supply emerged shortly before BTC established its low near $16,000.

Although historical patterns do not guarantee future performance, the data suggests long-term investors continue accumulating despite recent weakness.

Despite encouraging on-chain metrics, institutional participation remains subdued.

Spot Bitcoin ETFs in the United States have recorded several days of inflows, but monthly trends remain weak. Recent data shows that major ETF providers have continued to experience net outflows, although the pace has slowed compared with earlier in the summer.

Options markets also reflect caution. Many traders are positioning for further downside protection near $62,500 and $56,000 while maintaining bullish exposure toward higher targets around $68,000 and $79,000. This suggests expectations of continued volatility rather than a decisive breakout.

BONK continues to face intense selling pressure as the aftermath of its $20 million exploit weighs on investor confidence. The latest movement of stolen tokens toward a Binance deposit address has only added to concerns over additional market selling.

Also Read: BonkDAO Loses $21.2M Without a Hack—How One Vote Changed Everything

Meanwhile, Bitcoin offers a more constructive long-term outlook. Historical on-chain indicators suggest the cryptocurrency could be approaching a market cycle bottom, but weak institutional demand and ongoing macroeconomic uncertainty continue to limit bullish momentum. For now, both assets remain highly sensitive to market sentiment, making risk management critical for traders and investors.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.