Key Takeaways:
Two wallets shifted 10.712 million ONDO to Coinbase on Aug. 6, testing whether buyers can absorb fresh supply as the token defends key support.
Ondo Finance's ONDO fell 2.23 percent to $0.36 after two large wallets transferred 10.712 million tokens to Coinbase, reviving distribution concerns even as the token held above its $0.373 support. A wallet linked to the team deposited 4.125 million ONDO worth about $1.57 million, followed by an institutional wallet moving 6.587 million ONDO valued near $2.51 million, according to on-chain data flagged by analyst Nazo_ku.
Exchange deposits alone do not confirm liquidation, since large holders also use centralized platforms for custody or internal portfolio management. The market's reaction depends less on the transfers themselves and more on whether buyers absorb any additional supply entering circulation over the coming sessions.
Spot Taker CVD and Futures Taker CVD both remained seller-dominant as of the Aug. 6 session, per CryptoQuant, indicating aggressive sell orders continued to outweigh market buys across spot and derivatives markets. Persistent selling pressure did not trigger a breakdown, however, because price stayed relatively stable throughout the observed period — bearish participation reflected hesitation rather than panic.
Derivatives positioning told a different story. The OI-Weighted Funding Rate stayed positive at approximately 0.0027 percent, per CoinGlass, confirming leveraged traders still paid a premium to hold long exposure. The modest funding value suggested excessive optimism had not entered the market, leaving leveraged participants willing to defend the prevailing trend without reaching overcrowded long positioning. The divergence between positive funding and seller-dominant Taker CVD left ONDO at a crossroads, with derivatives traders retaining confidence while spot execution favored sellers.
ONDO defended the $0.373 support after retreating from the $0.4236 resistance, keeping its broader recovery structure intact despite recent profit-taking. Price entered a tight consolidation range instead of breaking lower, showing sellers had slowed the advance without forcing a decisive bearish reversal. The RSI cooled to 50.36 from higher levels and slipped below its 55.98 signal line, reflecting fading buying strength rather than outright weakness.
The DMI still favored bulls, with +DI at 25.67 remaining above -DI at 17.41, though the narrowing gap suggested buyers had lost part of their earlier advantage. The ADX at 24.83 indicated trend strength had moderated, leaving ONDO in a balance between accumulation and distribution. If buyers reclaim stronger control, the token could challenge $0.4236 again; losing $0.373 would likely expose $0.3400, where the next meaningful demand zone awaits.
Ondo Finance, which tokenizes short-term US Treasuries through its OUSG and USDY products and holds more than $2 billion in total value locked, remains a leading player in the real-world-asset sector alongside peers such as Chainlink and XRP. The outcome of this supply test matters beyond ONDO itself: a clean defense of support would confirm bullish conviction across the RWA narrative, while a breakdown could drag sector sentiment lower as tokenized-asset protocols compete for institutional flows.
This article is for informational purposes only and does not constitute investment advice.
