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- $24.7M in ONDO moved to exchanges in 10 hours, adding sell pressure.
- MVRV data shows holders are mostly underwater, limiting buying appetite.
- ONDO must hold $0.85 support to avoid deeper downside risk.
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Ondo Finance [ONDO] is under increased market scrutiny after on-chain data revealed heavy token movements into centralized exchanges. A Gnosis Safe Proxy wallet moved 26.28 million ONDO — valued at $24.7 million — within just 10 hours, fueling concerns of incoming sell pressure. Notably, 6.57 million ONDO landed in a Bybit wallet linked to Arthur Hayes, bringing his holdings to nearly 37 million tokens in the past month.
A Gnosis Safe Proxy wallet deposited 26.28M $ONDO($24.7M) into exchanges 10 hours ago, of which 6.57M $ONDO($6.19M) went to Arthur Hayes(@CryptoHayes)' Bybit deposit wallet.
— Lookonchain (@lookonchain) September 24, 2025
Over the past month, a total of 36.88M $ONDO($37.56M) has been transferred into Arthur Hayes' Bybit… pic.twitter.com/AMHE44kpk9
Exchange Inflows Add Market Strain
Large inflows into exchanges often precede volatility, and ONDO appears to be in such a phase. The token has repeatedly struggled to maintain momentum above resistance levels, most recently failing to hold above $1.15. Price briefly tested support at $0.82–$0.85 before rebounding toward $0.93, highlighting the ongoing tug-of-war between bulls and bears.
Holder Sentiment Remains Weak
Santiment data shows ONDO’s MVRV Z-score at -0.77, suggesting most holders remain underwater. This limits accumulation appetite, as traders hesitate to average down during unfavorable conditions. With whale deposits swelling exchange supply, the path of least resistance appears tilted toward caution.
Valuation Metrics Flash Warning Signs
The NVT ratio recently spiked above 25, signaling ONDO’s valuation outpaces its transaction activity. Such divergences often precede short-term corrections, raising red flags for traders betting on a recovery. While temporary rebounds may emerge, weak organic demand continues to weigh on sentiment.
ONDO’s immediate future hinges on its ability to defend support near $0.85. A decisive rebound could pave the way for another breakout attempt, but a breakdown risks exposing the token to deeper losses. Until then, whale-driven supply and shaky valuation metrics leave ONDO’s outlook uncertain.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Ondo Finance Launches USDY on Stellar, Unlocking Onchain U.S. Treasury Yields
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