An Ondo team-associated address transferred 26.05 million ONDO tokens to Coinbase. The tokens were worth approximately $9.79 million.
Three weeks earlier, the address received 150 million tokens from a multi-signature wallet, according to Arkham data. Two weeks later, the team moved 26.39 million tokens. Of these, 26.05 million have now reached Coinbase.
The activity followed previous operational patterns, where transferred tokens were eventually sold.
However, the latest deposit did not confirm an immediate sale. It still increased the risk of near-term selling pressure.
Did the ONDO market react?
Ondo [ONDO] had maintained strong upward momentum, reaching a local high of $0.38.
However, the transfer coincided with a minor pullback to $0.36.
ONDO traded near $0.37 at press time, gaining 1.7% over 24 hours. Meanwhile, Trading Volume dropped 46%, indicating weaker market participation.
Despite the pullback, ONDO’s bullish structure remained intact. Its Relative Strength Index (RSI) stood near 64.
The elevated reading suggested strong demand and continued buyer control.
The Buy-Sell Delta supported this view, remaining positive for four consecutive days.
During this period, Buy Volume reached 199.6 million, compared with 186.5 million in Sell Volume. That produced a positive delta of 13 million, indicating aggressive Spot accumulation.
If these conditions persist, ONDO could hold its 200-day EMA at $0.37. It may then challenge the $0.40 resistance.
Are whales preparing to sell?
Even so, whale activity remained a significant concern.
The Spot Average Order Size indicated that whales returned five days earlier. Large orders appeared between $0.36 and $0.37.
However, these whales appeared primarily focused on selling. The Spot Taker CVD remained negative, signalling sustained seller dominance.
Whales may have returned to take profits after ONDO rebounded from $0.31.
Continued whale selling could weaken the market structure and increase the pullback risk.
Under that scenario, ONDO could retreat toward its 20-day EMA at $0.33.
Final Summary
- An Ondo-linked address deposited 26.05 million ONDO, worth approximately $9.79 million, into Coinbase.
- Strong Spot demand supported ONDO’s structure, although continued whale selling threatened another pullback.
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