ONDO fell 10% after 7.6 million tokens were transferred to crypto exchanges

ONDO price came under renewed selling pressure on Tuesday as millions of tokens moved onto major crypto exchanges. These large-scale transfers raised concerns over ONDO’s short-term outlook and triggered an intraday drop of nearly 10%.

Significant inflows to exchanges intensified selling

According to data shared by Nazoku, which tracks on-chain activity, the wallet labeled as a custodian vault (address 0xBf6) sent 3.637 million ONDO—worth around $1.14 million—to Coinbase via an intermediary wallet. About an hour earlier, another wallet (0x1c0) transferred 4.013 million ONDO to Coinbase as well.

Some of the transferred tokens were broken into smaller amounts and deposited on Binance and Bybit. The transaction volume notably exceeded the available liquidity at the time. With more than 7.6 million ONDO tokens flowing into exchanges while the price was already weakening, the market reacted suddenly, dragging the token even lower.

Nazoku, a platform specializing in on-chain analytics, highlighted that intermediary wallets were used to distribute the tokens in smaller chunks to different exchanges, rather than executing a single large transfer.

$0.30 stands out as critical short-term support

Market data indicate that ONDO recently lost the $0.36 threshold, a level viewed as pivotal for both buyers and sellers. Rejection from this area deepened the negative sentiment and shifted focus to the next major support at $0.30. Earlier this year, ONDO surged as high as $0.45, but since then, it has recorded lower highs and lower lows, underscoring persistent weakness.

Inability to reclaim $0.36 has fueled further sell pressure. The report notes that the token last traded at around $0.29, highlighting how the $0.30 mark has become a key inflection point in the short term.

Futures trading sees volume surge despite price drop

Despite ONDO’s price weakness, trading activity in the perpetual futures market saw a strong uptick. As reported by Niels, ONDO’s perpetual futures volume climbed to $1.122 billion, up sharply compared to the $133 million recorded on May 31.

This surge in trading volume indicates that short-term traders remained highly active even as the spot market faced intense selling. The simultaneous increase in derivatives activity alongside the spot market decline highlights the heightened volatility currently surrounding ONDO.

The sharp inflow of ONDO tokens to major exchanges set off a wave of selling, which quickly drove the price down to $0.29. Observers continue to watch whether support at $0.30 will hold or if further declines toward $0.243 are likely.

For now, with the token’s price still under pressure and futures interest climbing, ONDO appears poised for continued volatility in the near term. The interplay between exchange inflows and market reactions will remain a key area of focus for traders and analysts.

In summary, the latest token movements and sharp trading shifts have placed ONDO’s crucial support levels and short-term trajectory in the spotlight as the market weighs its next move.

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