ONDO Price Slips as Team-Linked Wallet Transfers $1.35M Worth of Tokens

ONDO's price has been under pressure due to recent token transfers. A team-linked wallet transferred $1.35 million worth of ONDO tokens into Coinbase, sparking fears about the asset's supply. This transfer follows a previous allocation of 20 million ONDO directly from the team.

The 4 million ONDO tokens deposited into Coinbase are part of an ongoing distribution process that has seen 60% of the original allocation move towards exchanges. The increased supply has put pressure on the spot market, with trading volume falling by 5.46% to $66.05 million at the time of writing.

The spot market behavior indicates a seller-dominant trend, making it difficult for buyers to absorb the extra exchange-bound ONDO supply. Derivatives traders remain bullish, but their conviction has weakened due to the decline in funding. Positive funding remains near 0.0030%, but its weakening trend suggests fading willingness among leveraged traders to maintain aggressive bullish exposure.

ONDO's price has fallen below key support levels, with the $0.3778 level being rejected by sellers. The asset is approaching the $0.3101 support level, which could become a decisive area for buyers seeking to prevent deeper losses. A firm defense of this level could encourage stabilization, but failure around $0.3101 may expose ONDO to a broader downside extension.