ONDO Whale Unloads 2.69M Tokens—Is the Bull Run Over?

Whale alert: A major ONDO holder just dumped 2.69 million tokens. Market watchers brace for impact.

Blood in the water or buying opportunity? The move comes as bearish sentiment tightens its grip on crypto markets. ''Smart money'' exits rarely happen in isolation—expect ripple effects.

Meanwhile, retail traders keep buying the dip like it''s a Black Friday sale on volatility. Some things never change.

Ondo whale dumps 2.69 million tokens

Whales have returned to the market, as evidenced by the Spot Average Order Size.

It has remained dominated by big orders over the last month, implying significant whale activity despite concerns over ONDO’s prospects.

Source: CryptoQuant

According to X (formerly Twitter) account Onchain Lens, an Ondo whale, who had held 2.69 million tokens for 2.5 months, returned to the market and sold its holdings for $2.13 million on the 17th of June. 

With this transaction, the whale has managed to record $123k in profit. The sale could also indicate a strategic exit as prices dipped, to ensure the holdings do turn into losses. 

This whale movement also suggests bearish sentiment, as the holders could be anticipating more losses, moving forward. 

Source: IntoTheBlock

Notably, the Large Holder Netflow has held within negative territory over the past two days, showing increased sell pressure. Whales have sold 4.85 million tokens in this time. 

Will selling pressure cause more losses?

According to AMBCrypto’s analysis, ONDO was experiencing downward pressure at press time as sellers took over the market. 

Source: CoinGlass

The netflow was positive at press time, reaching a high of $762k. This is once again a sign of high selling activity, as a positive spot netflow implies more inflow than outflow. 

Amid this market activity, ONDO’s directional momentum indicators indicated a potential continuation of the current trend.

Notably, the MACD declined sustainably over the past five days since making a bearish crossover. This reflects strong momentum to the downside.

Further, the Relative Strength Index (RSI), which declined to almost oversold territory of around 37 at press time, reflected seller dominance as well.

Source: Trading View

Thus, ONDO is now in a position of weakness that can result in more losses. If the current trends and sentiments persist, the altcoin will seek support around $0.75, where it previously bounced back from.

However, if this support fails, ONDO will decline to $0.72. For a trend reversal, buyers need to return to the market and absorb the current sell pressure, thus ensuring ONDO reclaims $0.80 and holds above it.