A single wallet moved 4.1 million ONDO tokens to Coinbase, valued at about $1.66 million, pushing total inflows over 8.1 million ONDO in less than 24 hours. This transaction came after an earlier deposit of 4 million ONDO worth $1.62 million, signaling a rising supply of ONDO on one of the largest exchanges.
Such large transfers matter because they increase the liquid token pool accessible for trading, often putting pressure on prices. Spot markets showed signs of seller dominance as order flow data revealed aggressive selling outweighed buying. The 90-day Spot Taker Cumulative Volume Delta stayed tilted towards sellers, suggesting that demand struggled to absorb the growing supply.
Despite ONDO hovering near a resistance level at $0.4236, buyers lacked urgency to push through. Each rally attempt met with diminishing momentum, indicating a market losing steam rather than sharply reversing. Meanwhile, the surge in tokens on Coinbase only made it harder for spot buyers to gain control, as the larger exchange balance meant more tokens ready to be sold.
Interestingly, derivatives traders on Binance did not mirror this cautious stance. Long positions accounted for nearly 68% of the largest traders’ exposure, keeping the Long/Short Ratio above 2. This shows that leveraged traders remain bullish, betting on a price breakout despite the spot market's hesitant behavior. Such divergence between spot and futures markets often persists, reflecting different trader expectations and strategies.
ONDO's current test of resistance near $0.4236 comes after a rebound from around $0.3778. The market appears to be consolidating, with sellers gaining slight upper hand but no clear breakdown yet.
This content is informational and not financial advice.
