An Ondo team-associated address transferred 26.05 million $ONDO tokens to Coinbase. The tokens were worth approximately $9.79 million.
Three weeks earlier, the address received 150 million tokens from a multi-signature wallet, according to Arkham data. Two weeks later, the team moved 26.39 million tokens. Of these, 26.05 million have now reached Coinbase.
Source: Arkham
The activity followed previous operational patterns, where transferred tokens were eventually sold.
However, the latest deposit did not confirm an immediate sale. It still increased the risk of near-term selling pressure.
Did the $ONDO market react？
Ondo [$ONDO] had maintained strong upward momentum, reaching a local high of $0.38.
However, the transfer coincided with a minor pullback to $0.36.
$ONDO traded near $0.37 at press time, gaining 1.7% over 24 hours. Meanwhile, Trading Volume dropped 46%, indicating weaker market participation.
Despite the pullback, $ONDOs bullish structure remained intact. Its Relative Strength Index (RSI) stood near 64.
Source: TradingView
The elevated reading suggested strong demand and continued buyer control.
The Buy-Sell Delta supported this view, remaining positive for four consecutive days.
During this period, Buy Volume reached 199.6 million, compared with 186.5 million in Sell Volume. That produced a positive delta of 13 million, indicating aggressive Spot accumulation.
If these conditions persist, $ONDO could hold its 200-day EMA at $0.37. It may then challenge the $0.40 resistance.
Source: CoinalyzeAre whales preparing to sell？
Even so, whale activity remained a significant concern.
The Spot Average Order Size indicated that whales returned five days earlier. Large orders appeared between $0.36 and $0.37.
However, these whales appeared primarily focused on selling. The Spot Taker CVD remained negative, signalling sustained seller dominance.
Whales may have returned to take profits after $ONDO rebounded from $0.31.
Source: CryptoQuant
Continued whale selling could weaken the market structure and increase the pullback risk.
Under that scenario, $ONDO could retreat toward its 20-day EMA at $0.33.
Source: CryptoQuantFinal Summary
- An Ondo-linked address deposited 26.05 million $ONDO, worth approximately $9.79 million, into Coinbase.
- Strong Spot demand supported $ONDOs structure, although continued whale selling threatened another pullback.
