Ondo's wallet just shuffled $49.56M in ONDO to a fresh address 👜

Ondo Finance's multisig wallet transferred 150 million ONDO tokens, valued at $49.56 million, to a new address, according to Arkham data reviewed this week. The move mirrors prior monthly transfers from the team, which have subsequently landed on Coinbase. A week earlier, the same wallet deposited 46.06 million ONDO worth $16.78 million into exchanges, drawing from an earlier transfer.

Traders are monitoring the latest transaction for signs of future exchange inflows. The tokens were moved while ONDO traded inside a descending channel after a failed breakout near $0.39, with the altcoin falling to $0.3107. If the transferred supply reaches venues while the token remains weak, the additional liquidity could weigh on price action, market participants noted.

Demand signals have remained mixed. Spot Netflows for ONDO over the past seven days were negative, with more than $80 million in ONDO leaving exchanges. Outflows slightly exceeded inflows of $80 million, producing Netflows of -$115,000. Negative Netflows typically indicate tokens moving off exchanges, a pattern consistent with accumulation rather than immediate sell pressure.

Speculative activity has also climbed. Perps Volume for ONDO rose from $29 million to $77 million over three days, according to DefiLlama data, showing sustained engagement despite weak price action.

The broader market structure, however, stayed bearish. ADX-DI readings indicated strong downside momentum, with upside momentum subdued. If conditions persist, ONDO could lose the $0.30 support level and slide toward $0.27. A sustained recovery would require the token to reclaim and close above $0.36, a level that previously acted as support.