A team-linked wallet transferred another 4 million $ONDO, worth approximately $1.35 million, into Coinbase during the latest distribution. The wallet had originally received 20 million $ONDO directly from the team.
Since then, its Coinbase transfers had reached 12 million $ONDO through three separate 4 million token deposits. Therefore, 60% of the original allocation had already moved toward the exchange.
Coinbase had also transferred roughly 4 million $ONDO per transaction toward Bybit during the previous week, as earlier reported by AMBCrypto. Those movements increased concerns because exchange-bound tokens could become available for distribution.
Meanwhile, $ONDO traded around $0.3372 as trading volume fell 5.46% to $66.05 million at the time of writing. Weaker activity reduced the available demand needed to absorb additional supply. Continued transfers would therefore leave $ONDO increasingly dependent on stronger buying interest to stabilize its declining price structure.
Spot sellers tighten their grip
The spot market behavior did not provide much evidence that buyers could easily take up the extra exchange-bound $ONDO supply. At press time, the 90-day Spot Taker CVD was seller-dominant, indicating more aggressive selling than market buying.
That imbalance mattered because taker sellers had already controlled immediate execution across the observed spot market. Meanwhile, continued deposits to Coinbase raised the potential supply, while the demand was relatively light.
The reduction in trading volume made absorption even more difficult as there were fewer transactions to back up $ONDO’s latest decline. So, there was a market for incoming supply that had already shrunk.
Seller-dominant CVD was also in sync with $ONDO’s declining price, reinforcing the bearish reading of the current spot activity. Buyers would need to reverse taker dominance before the market could establish stronger absorption.If not, the continued distribution may leave sellers in control of $ONDO’s short-term trajectory.
Source: CryptoQuant
Positive funding loses bullish strength
Derivatives traders maintained a bullish lean, although their conviction had weakened during $ONDO’s latest price deterioration.
OI-Weighted Funding remained positive near 0.0030% as of writing, meaning long positioning still carried greater leverage pressure.The funding trend was weaker than the positive readings earlier, however. The retreat indicated fading willingness among leveraged traders to maintain increasingly aggressive bullish exposure.
Most importantly, the spot traders were not providing sufficient buying pressure to the leveraged longs that were left.Seller-dominant Spot Taker CVD had instead maintained the underlying spot structure with a bias to aggressive selling.
Thus, positive funding provided only partial protection from ongoing exchange-bound distribution. The funding also decreased, which would otherwise help to bolster a more robust recovery effort. Should funding continue weakening alongside seller-led spot activity, $ONDO could face increasingly fragile bullish positioning near support.
Source: CoinGlass
Can key support halt $ONDO’s slide?
On the daily chart timeframe, $ONDO had lost the $0.3778 level after sellers rejected its recovery below the $0.4279 resistance. Price then descended toward $0.3344, bringing the $0.3101 support increasingly closer.
Notably, Parabolic SAR stood near $0.3788, placing its dots above price throughout the latest downswing. That positioning had maintained a bearish directional structure after $ONDO surrendered $0.3778. Meanwhile, at the time of writing, the MACD had moved below its signal line as the negative histogram expanded during the decline.
Selling pressure had therefore strengthened while the price approached the lower boundary of its broader range. The $0.3101 support could become the decisive area for buyers seeking to prevent deeper losses.
A firm defense could encourage stabilization, although $0.3778 would remain the meaningful recovery threshold. Failure around $0.3101 could instead expose $ONDO to a broader downside extension.
Source: TradingView
Final Summary
- Team-linked Coinbase deposits kept supply pressure elevated while spot sellers controlled trading activity.
- $ONDO approached $0.3101 as declining funding weakened support from leveraged bullish positioning.