ONDO Sees Massive Exchange Inflows as Buying Pressure Weaken

ONDO, an cryptocurrency, has seen significant exchange inflows in recent hours. In less than 24 hours, over 8.1 million ONDO were sent to Coinbase, valued at $3.36 million. This is not an isolated incident, as a similar transfer of 4.014 million ONDO worth $1.62 million occurred earlier.

The consecutive deposits have increased the amount of ONDO available on major trading venues, which can attract attention due to the introduction of additional liquid supply into the market. However, order flow suggests that selling pressure is gaining ground on spot markets, with aggressive market sells outweighing market buys across recent trading activity.

Despite this, derivatives traders on Binance's largest platform remain bullish, with long accounts making up 67.98% of total positions and a long/short ratio of 2.12. This divergence between spot and futures markets is not uncommon, as different participants often respond to different expectations.