On-chain researchers have flagged a recurring pattern of large ONDO token transfers to deposit addresses at major centralized exchanges, including Binance, Coinbase, and Gate.io. The activity, described as steady and mechanical rather than event-driven, has raised concerns about potential selling pressure on the token.
Researchers reported individual transfers nearing 1 million ONDO, with one notable transaction moving 6.1 million tokens, valued at approximately $1.65 million at the time. Specific wallets, such as 0x016606…4049Ee and a previously flagged Ondo-linked address (0xb4C792…2C2869) identified by Arkham Intelligence, have been routing these batches. No official explanation has been provided for the transfers, leaving market participants to speculate whether they are linked to the project team, foundation, early investors, vesting schedules, OTC deals, or market-making operations.
The news emerges as ONDO price action shows weakness, trading near a crucial support level around $0.236. The token remains below key resistance between $0.257 and $0.261, with bearish momentum indicated by the MACD indicator staying below zero. A daily close below the $0.236 support could signal a further breakdown.
This selling pressure narrative is amplified by the token's significant gap between its market capitalization and its fully diluted valuation (FDV). Despite ONDO's strong fundamentals as a Real-World Asset (RWA) project—including a $3.5 billion Total Value Locked (TVL) and a partnership with asset manager Franklin Templeton—the persistent exchange inflows are seen as potentially absorbing buying demand. The lack of transparency around the wallet ownership and intent of the transfers has become a central point of discussion for holders and traders alike.
