On-chain data has drawn market attention to the short-term supply of ONDO. Recently, the Ondo Finance team transferred 150 million ONDO tokens from a multisig wallet, equivalent to approximately $49.56 million at the prevailing price. Since some of the tokens from similar past transfers eventually ended up on Coinbase, traders are now monitoring whether this batch of tokens will again enter the exchange.
Past transfers have been sent to Coinbase.
Arkham data shows that 150 million ONDO were transferred to a new address. The report notes that the team has previously used a similar path to transfer tokens before moving them to Coinbase.
A week ago, the team wallet transferred 46.06 million ONDO tokens to the exchange, valued at approximately $16.78 million. If the tokens transferred in this round continue to flow into trading platforms and the token price remains weak, the increased supply may further suppress price performance.
Spot net outflows continue.
Despite market concerns about potential selling pressure, the spot market has not shown a clear weakening. Over the past seven days, ONDO recorded negative net flow in the spot market.
Data shows that during the same period, the total amount of ONDO withdrawn from exchanges exceeded $80 million, while inflows were also close to $80 million, but outflows were slightly higher, resulting in a net flow of -$115,000. Typically, a negative net flow indicates that investors are moving tokens out of exchanges, suggesting a preference for holding or accumulating rather than selling immediately.
Perpetual contract trading volume has increased.
Activity in the derivatives market is also increasing. According to DefiLlama data, ONDO perpetual contract trading volume rose from $29 million to $77 million within three days.
This indicates that, despite weak price movement, market participation has not significantly cooled. The net outflow from spot markets combined with increased perpetual contract trading volume suggests that capital remains focused on ONDO.
The price remains in a downtrend channel.
However, looking at the price movement, ONDO remains within a downtrend channel. The price previously failed to break above $0.39 and has since continued to decline, reaching a low of $0.3107.
The report, citing technical indicators, states that downward momentum remains dominant. If the weakness persists, the $0.30 support level may be tested, with the next area of interest near $0.27. To improve the current structure, ONDO needs to reclaim and close above $0.36.