An address associated with the Ondo team transferred 26.05 million ONDO tokens to Coinbase. The value of the tokens was approximately $9.79 million.
According to Arkham data, three weeks ago the address received 150 million tokens from a multi-signature wallet. Two weeks later, the team moved 26.39 million coins. Of these, 26.05 million reached Coinbase.
The activity followed previous operational models where transferred tokens were eventually sold.
But the latest deposit did not confirm an immediate sale. This still increased the risk of selling pressure in the near term.
Has the ONDO market reacted?
Ondo (ONDO) maintained its strong bullish momentum, reaching a local high of $0.38.
However, the transfer coincided with a small pullback to $0.36.
ONDO was traded around $0.37 at the time of writing and was up 1.7% in 24 hours. Meanwhile, Trading Volume dropped 46%, indicating weakening market participation.
Despite the pullback, ONDO’s bullish structure remained intact. The Relative Strength Index (RSI) was near 64.
High readings indicated strong demand and continued buyer control.
The Buy-Ask Delta has remained positive for four consecutive days, supporting this view.
During this period, Purchasing Volume reached 199.6 million, while Sales Volume reached 186.5 million. This produced a positive delta of 13 million, indicating aggressive Spot accumulation.
If these conditions persist, ONDO could maintain its 200-day EMA at $0.37. It could then challenge the $0.40 resistance.
Are the whales getting ready to sell?
Despite this, whale activity remained a significant concern.
Spot Average Order Size showed that the whales returned five days ago. Large orders appeared between $0.36 and $0.37.
However, these whales appeared to be primarily sales-oriented. Spot Taker CVD remained negative, signaling continued seller dominance.
Following ONDO’s recovery from $0.31, whales may have returned to take profits.
Continued whale selling could weaken the market structure and increase the risk of a pullback.
Under this scenario, ONDO could decline towards its 20-day EMA at $0.33.
Final Summary
- An Ondo-linked address deposited 26.05 million ONDO to Coinbase, worth approximately $9.79 million.
- Strong Spot demand has supported ONDO’s structure, but continued whale selling poses the danger of another pullback.
