The data on the chain raises concerns about the short supply of ONDO. The Ondo Finance team has recently transferred 150 million ONDOs from multiple wallets, amounting to approximately $49.56 million at current prices. As a result of similar transfers by the team, some of the tokens eventually went to Coinbase, traders were concerned about whether the tokens would re-enter the exchange.

Past transfers to Coinbase

Arkham data show that this 150 million ONDO was transferred to a new address. It was reported that the team had previously used similar routes to transfer tokens and then entered Coinbase.

A week ago, the team wallet was also transferred to the exchange with 46.6 million ONDOs valued at approximately $1.678 million. If the coins transferred from this round continue to flow to the trading platform and the currency prices remain weak, new supplies may continue to stifle price performance.

Net spot outflows are still ongoing.

Despite market concerns about potential sales pressure, there has been no significant weakening of the off-shelf. In the last seven days, the ONDO recorded negative net flows in the spot market.

The data show that the total amount of ONDO out of the exchange over the same period was over $8 million, and the inflow was close to $80 million, but the outflow was slightly higher, with a net flow of $115,000. Typically, net negative flows mean that investors move their tokens out of the exchange closer to holding or accumulating, rather than selling them immediately.

We'll keep the contract going up.

The dynamism of the derivatives market is also increasing. DefiLlama data show that the turnover of the ONDO contract for renewal rose from $29 million to $770.0 million within three days.

This suggests that market participation has not significantly cooled, even if currency prices are weak. The net outflow of cash and the dilation of the exchange suggest that the funding is still focused on ONDO.

The price is still down the road.

However, in terms of movement, ONDO is still running in the lower lane. The price had previously failed in the vicinity of $0.39 and continued to decline, with a minimum touch of $0.3107.

The report cites technical indicators as indicating that action can remain dominant. If vulnerability continues, the US$ 0.30 support position may be tested, with the next area of concern near US$ 0.27. If the current structure is to be improved, ONDO needs to get back on the line and get over $0.36.