A whale attracted market attention after depositing 6 million ONDO, valued at approximately $2.13 million, into Bybit.
The transfer originated from a chain of wallets linked back to Wintermute, raising concerns that large holders had begun distributing tokens into market weakness.
Following the transaction, ONDO’s price declined to $0.346, extending losses beyond 7% over the previous 24 hours.
Such deposits often increase available exchange supply and can influence short-term sentiment. However, the transaction represented only one side of the broader market picture.
As traders evaluated the whale’s intentions, uncertainty increased around whether additional tokens would follow the same path toward exchanges during the coming sessions.
Why are exchange balances still shrinking?
Despite the whale transfer, the exchange flow data continued telling a different story.
ONDO recorded a spot netflow reading of approximately -$571.66K, indicating that more tokens left exchanges than entered them during the measured period. This trend suggested that many holders continued moving assets into private wallets rather than preparing them for sale.
Furthermore, negative Netflows have historically reflected reduced exchange supply, which can ease immediate selling pressure. The contrast between a major deposit and broader outflows created a notable divergence across the market.
While whale activity increased concerns about distribution, exchange balances still pointed toward ongoing accumulation behavior among a larger portion of participants.
Can ONDO hold support as bearish pressure builds?
Ondo [ONDO] remained under pressure after failing to maintain its recovery above the $0.46 resistance zone.
The daily chart showed sellers regaining control and pushing the price back toward the critical $0.34 support level, which marked the upper boundary of a broader demand zone extending to approximately $0.24.
As ONDO traded at $0.346, buyers faced an important test that could determine whether the recent consolidation structure remains intact.
Technical indicators also reflected weakening conditions.
The Relative Strength Index declined to around 45 and moved below its moving average, showing that buying strength had faded considerably since the May rally. The combination of weakening RSI and repeated resistance rejections suggested that bearish sentiment had strengthened.
However, if buyers successfully defend the $0.34 support zone, ONDO could stabilize and challenge higher resistance levels again.
Bears gain confidence in derivatives markets
Derivatives data revealed growing bearish conviction as the OI-Weighted Funding Rate fell to approximately -0.0020%.
Negative funding rates generally indicate that short-position holders have become willing to pay longs, reflecting stronger downside expectations.
In this case, the shift aligned with ONDO’s retreat from resistance and the recent whale deposit.
Furthermore, funding remained below zero despite broader exchange outflows, suggesting that futures traders focused more heavily on immediate price weakness.
The derivatives market, therefore, painted a more cautious picture than spot flow data alone.
If negative funding persists, bearish positioning could continue influencing sentiment.
However, any sudden rebound would increase pressure on newly established short positions.
Can ONDO avoid a deeper correction?
ONDO remained under pressure after a $2.13 million whale deposit coincided with a sharp daily decline.
However, exchange Netflows continued showing more withdrawals than deposits, indicating that broader accumulation trends had not disappeared.
Price sat near a key support zone while RSI and funding rates reflected weakening sentiment.
If buyers defend the $0.34 area, ONDO could stabilize and attempt another recovery. Otherwise, sellers could push the asset deeper into its broader demand range.
Final Summary
- A 6 million ONDO whale deposit into Bybit raised fresh concerns about potential distribution.
- Spot Netflows remained negative, showing more ONDO left exchanges than entered them.
