$ONDO Floods into Coinbase: Derivatives Traders Remain Bullish

A substantial amount of ONDO has been transferred to Coinbase in less than 24 hours. In total, more than 8.1 million $ONDO was sent to the exchange, with two consecutive deposits valued at around $1.66 million and $1.62 million respectively.

The influx of tokens into the exchange may lead to additional selling pressure on spot markets. Order flow analysis suggests that sellers are dominating market activity, outweighing buyers in recent trading sessions.

Derivatives traders, however, remain bullish, with a long-to-short ratio of 2.12 and long accounts making up 67.98% of total positions.