ONDO Token Supply at Risk After $1.4M Coinbase Deposit

A $1.4 million deposit into Coinbase has sparked concerns about ONDO's token supply dynamics. A team-linked wallet transferred 4.019 million ONDO tokens, worth approximately $1.4 million, to the exchange on August 9. This move adds fresh potential supply to the market and reignites questions about the asset's near-term price direction.

The transfer is notable due to its timing: the wallet had received 20 million ONDO tokens just one day earlier, but only a portion of that allocation was sent to Coinbase. The bulk of the newly received tokens remain in the wallet, tempering concerns about an imminent sell-off, but not eliminating them entirely.

However, exchange-wide netflows turned negative on August 9, with withdrawals exceeding inflows by around $1.09 million. While this suggests accumulation rather than distribution, it doesn't fully offset the concentrated deposit from the team-linked wallet.