ONDO Drops 7.87% After Strong BlackRock-Driven Rally

Ondo (ONDO) experienced a sharp decline of 7.87% in its price over the past 24 hours, according to CoinMarketCap.

The drop appears to be a post-rally adjustment following a strong rally fueled by Ondo Finance's announcement of 'Ondo Intelligent Portfolios' built on model strategies developed by BlackRock. The token surged 18-30% in 24 hours to around $0.50-$0.57, reaching fresh yearly highs and turning prior resistance into support.

The surge was accompanied by a significant increase in open interest, with derivatives data showing ONDO open interest surging to about $292.6 million, a historical peak. This led to strongly positive funding rates around 0.0172, signaling a heavily long-biased, leveraged crowd vulnerable if price turns down.

The broader market environment was mildly risk-off, with the total crypto market cap falling about 1.6% and altcoins excluding Bitcoin down by a similar percentage. This triggered profit-taking in high-beta names like ONDO, which corrected harder due to its recent outperformance.