Liquidity providers have moved more than $6.8 million in ONDO tokens, indicating a potential increase in sales. According to data from Nazoku, centralized exchanges (CEX) and market makers have been actively seeking liquidity for the ONDO token on behalf of institutional clients. Specifically, over $6.83 million in ONDO tokens was sent to find buyers. FalconX transferred $3.89 million in ONDO tokens to Binance, while Ondo Finance sent $1.46 million to Coinbase as part of a planned transfer of 4 million tokens. Additionally, Coinbase transferred $1.48 million ONDO to the Bybit exchange. Historically, such transfers often preceded price declines, which may indicate an increase in sales.
Despite these transfers, the price of ONDO remains relatively stable, trading in the range of $0.34 to $0.35 at the time of writing. The current price is around $0.34, which is 0.97% lower than the previous level. Trading volume also fell by 39%, amounting to $56 million. From a technical analysis perspective, the Awesome Oscillator indicator shows that it has been holding at a negative level for four consecutive days, indicating weak short-term momentum. The current trading structure also remains weak, with a strong downward slope as ONDO continues to stay below both short-term and long-term moving averages.
According to AMBCrypto's analysis, the current market weakness is mainly driven by the derivatives market. In recent weeks, the inflow of ONDO into futures contracts has not exceeded the outflow, which is also evident from the data for the past week, where there was an outflow of $444 million compared to an inflow of $410 million. The net futures flow during this time fell by 102% to -$34 million, indicating an aggressive market exit. Although there is demand in the spot market, the positive delta market change remains at 2.1 million tokens. This creates uncertainty in price movements as it reflects strong demand from the spot market in contrast to sell-offs in the derivatives market.
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