Crypto
$ONDO Sells Off Despite Brief Rally Amid Ondo Finance Token Deposits
Ondo Finance's [$ONDO] token has faced significant selling pressure in both spot and derivatives markets, despite a 2.24% rally over the past 24 hours.
The altcoin's price has declined by 11.3% since reaching its local high at $0.427 last Thursday, July 30.
The decline followed structured token deposits to Coinbase, which may have weighed on market sentiment and led traders to anticipate potential selling pressure.
According to data from CryptoQuant, the 3-month cumulative volume delta (CVD) reflected aggressive selling, with taker sell orders dominant in both spot and derivatives markets.