A large transfer of 6 million ONDO tokens has attracted market attention. These tokens, worth approximately $2.13 million, were transferred to Bybit, with the wallet connection traceable to market maker Wintermute. Following the transfer, ONDO fell to $0.346, a drop of over 7% in 24 hours.
Net inflows into exchanges remain negative.
Large inflows of tokens into exchanges are typically interpreted by the market as a potential increase in selling pressure due to an increase in the number of tokens available for sale. However, on-chain and spot flow data do not always point in the same direction.
During the statistical period, the net outflow of ONDO spot tokens was approximately -$571,700, meaning that more tokens flowed out of the exchange than flowed in. This indicates that despite large single deposits, many holders transferred their tokens back to their private wallets rather than preparing to sell.
- Whales transferred 6 million Bybit tokens to ONDO.
- Based on the prices mentioned in the article, the estimated value is approximately US$2.13 million.
- Net spot market outflow: approximately -$571,700
The area around $0.34 has become the short-term focus.
In terms of price movement, ONDO previously failed to hold above the $0.46 resistance level and subsequently fell back. The daily chart shows that sellers have regained control, and the price is once again approaching the $0.34 level.
The article argues that $0.34 is a key support level and also the upper limit of a larger demand range. If this level is breached, prices may fall further into lower demand areas; if buying holds this level, there is still a chance for short-term stabilization.
The derivatives market is bearish.
Meanwhile, the Relative Strength Index (RSI) has fallen back to around 45 and broken below its moving average, indicating a significant weakening of buying momentum following the May rebound. The repeated failure to break through resistance levels has also reinforced the current weak market sentiment.
Derivatives data also shows increasing bearish sentiment. The OI weighted funding rate fell to approximately -0.0020%, indicating that short sellers are willing to pay long positions, and market expectations for further short-term declines have strengthened.
Overall, ONDO is currently in a highly divided position: on one hand, there are concerns about selling pressure from whale transfers and price declines; on the other hand, the overall exchange balance continues to decline. Whether it can hold above $0.34 in the short term will be a key focus for the market going forward.
