BONK fell roughly 9% after an initial rally tied to its debut ETP on the SIX Swiss Exchange, with the slide turning into a technical breakdown that pushed the token to fresh cycle lows. The sell-off unfolded between November 27 and December 1, 2025, exposing persistent volatility despite the new regulated wrapper and underscoring the limits of sentiment support from a listing.
Bitcoin Capital launched the BONK ETP on the SIX Swiss Exchange on November 27, 2025, offering European investors custody-backed exposure intended to align with Swiss FINMA guidelines. The listing briefly lifted BONK, which rallied as much as 9% in early trading after the announcement, according to market reports, but that initial spike proved short-lived.
On December 1, 2025, price action accelerated downward. BONK traded to $0.000008805 after a roughly 9.32% decline, and investing.com recorded a sharper intraday low of $0.00000864 at 16:40 GMT on the same day. The drop intensified after the token decisively breached a key support level near $0.00000966 around 00:00 UTC, marking a continuation of prior weakness that began on November 13 when BONK slipped below $0.00001223.
Technical levels shifted materially: the $0.00001211 support failed in mid-November and effectively flipped to resistance around $0.00001226. By December 1 the price was oscillating between pivot supports near $0.00000843 and $0.00000866, a range that underscored market dislocation and sustained uncertainty.
Volume and indicator signals confirmed the downtrend. Trading volume on December 1 surged to about 1.79 trillion tokens, approximately 144% above the 24-hour average, signaling heavy selling pressure; a similar pattern was visible during the November 13 breakdown when volume rose about 96% above average. Momentum and trend measures were broadly negative: moving averages from the 5-day through the 200-day pointed downward, technical scanners showed 11 sell signals versus a single buy, the Relative Strength Index registered near 33.144—inside a selling zone—and the MACD remained neutral.
Technical breakdown and market reaction for BONK
The ETP arrived amid a wider institutional push to wrap niche crypto assets for traditional markets, following products that target other tokens. The market reaction demonstrated that regulatory packaging and custody do not necessarily mute the mechanical market forces that drive momentum and liquidity.
The episode highlights that institutional access can boost visibility and short-term liquidity but may also concentrate flows that exacerbate volatility when support fails. For traders, the confluence of breached supports, elevated volume, and negative moving averages signals continued downside risk until price reclaims meaningful support; for longer-term buyers, the listing underscores the gap between regulated access and the asset’s speculative fundamentals.
The BONK ETP debut delivered a fleeting uplift that quickly gave way to a technical breakdown and pronounced selling. Market participants will monitor whether BONK can reclaim the $0.00000966 level and stabilize volume patterns in coming sessions as the next clear test of the ETP’s ability to sustain institutional interest.
