Ondo Finance Team's Large Token Deposits Weigh on ONDO Price

ONDO (OND) has been experiencing strong downside pressure in recent days. The altcoin was rejected at $0.42 and has since closed at lower lows for four consecutive days, breaching the $0.4 support level and falling to a two-week low of $0.34.

The decline is largely attributed to the Ondo Finance team's token deposits into exchanges, with 20.2 million ONDO tokens deposited so far, worth approximately $7.44 million at current prices.

Market players perceive these large deposits negatively, impacting sentiment and contributing to the altcoin's downward momentum.

However, despite the pressure, market demand remains steady, with exchange activity confirming the source of the current market pressure. CoinGlass data shows that ONDO's Spot netflow has been negative for most of the week, indicating that traders have tried to absorb the pressure but demand has remained insufficient.