Ondo Finance (ONDO) faces growing market pressure after whale activity linked to Arthur Hayes triggered concerns of a potential sell-off.
Whale Deposits Spark Worries
On-chain data revealed that a Gnosis Safe Proxy wallet deposited 26.28 million ONDO (worth $24.7 million) into exchanges within just 10 hours. Of that, 6.57 million ONDO ($6.19 million) was transferred directly to Arthur Hayes’ Bybit wallet.
Over the past month, Hayes’ holdings swelled to 36.88 million ONDO, valued at approximately $37.56 million. Such large inflows often foreshadow volatility, raising fears of downward pressure on prices.
ONDO Price Battles Resistance
ONDO recently tested support around $0.82–$0.85 before rebounding to $0.93. Analysts noted repeated failures to break past resistance near $1.15, leaving the token vulnerable to further sell pressure if support falters.
Despite temporary rebounds, continued exchange deposits suggest upside momentum could remain capped.
Metrics Show Weak Sentiment
Santiment data showed ONDO’s MVRV Z-score at -0.77, meaning most holders are underwater. This reduces accumulation incentives and adds to bearish risks.
Meanwhile, ONDO’s NVT ratio surged above 25, signaling high valuation compared to transaction activity—a common precursor to corrections.
Outlook
With whales increasing supply on exchanges and valuation metrics flashing red, ONDO faces heightened uncertainty. A decisive hold at $0.85 could stabilize price action, but failure may expose the token to deeper losses.
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