BONK continued its downward trend recently due to a large sell-off of its holdings by the address that received the project's treasury tokens during the governance event on July 6. On-chain data shows that this address recently sold 800 billion BONK, equivalent to approximately $2.48 million, according to the article's estimates. Market concerns about further selling pressure are intensifying.

The relevant addresses still hold a large number of BONKs.

This sell-off is directly related to the governance incident in early July. At that time, a malicious proposal allowed attackers to control approximately 4.426 trillion BONK tokens, worth about $21.2 million at the time. Subsequently, these tokens were transferred out in batches and continued to be sold.

As of now, this address still holds approximately 2.4 trillion BONK tokens, estimated to be worth about $6.94 million in the article. This means that even after multiple rounds of selling, the market still faces potential new supply.

• Latest sale: 800 billion BONK tokens
• The value of this sum is approximately US$2.48 million.
• Remaining holdings: approximately 2.4 trillion BONK tokens

It has fallen nearly 40% since July 6.

Under the influence of continuous selling, BONK has fallen by nearly 40% since July 6. In the last 24 hours, the token fell by about 9.75%, with the price dropping to about $0.00000277, continuing its previous downward trend.

The core reason for the market pressure is not complicated. On the one hand, there are still a large amount of open positions on the blockchain that have not been cleared; on the other hand, buying pressure has not yet rebounded significantly, making it easier for each round of selling to drive down prices.

Derivatives data is bearish

Derivatives data also shows that market sentiment remains cautious. The article mentions that BONK open interest rose to approximately $3.17 million, indicating that traders have not significantly exited the market but are continuing to build positions.

Meanwhile, funding rates fell to -0.057, reflecting that bearish sentiment still prevails. The spot CVD remains in significantly negative territory, indicating that buyers have not yet effectively absorbed selling pressure; the futures CVD continues to decline, suggesting that leveraged traders are still pushing prices lower.

Overall, BONK's short-term trend remains influenced by the pace of on-chain selling. As long as relevant addresses continue to reduce their holdings and spot demand does not improve significantly, the market's assessment of its upside potential will be difficult to correct quickly.