ONDO Finance experienced a notable 1.7% decline to $0.36 following the transfer of 26.05 million ONDO tokens worth approximately $9.79 million from a team-linked wallet to Coinbase. According to AMBCrypto, this transfer coincided with a minor pullback despite the token's previous strong momentum. The activity follows previous operational patterns where transferred tokens were eventually sold, though the latest deposit has not yet confirmed an immediate sale. Trading volume dropped 46%, indicating weaker market participation as buyers absorbed the supply increase.
Ondo has successfully debuted the first tokenized stocks backed by DTC Tokenized Entitlements, marking a significant milestone in Wall Street's blockchain adoption initiative. The company issued CRCLon tokens representing Circle (CRCL) stock and SPYon tokens for the SPDR S&P 500 ETF (SPY), with each token fully backed by the underlying security. According to the company, DTC tokenized entitlements to DTC-held securities are generated through the DTCC Tokenization Service, creating digital twins of existing securities. Ondo is connected to the DTC participant network through Alpaca Markets, with the underlying shares remaining within DTC custody throughout the process. This development brings Ondo into the ranks of major financial institutions including BlackRock, JPMorgan, Goldman Sachs, Nasdaq, and NYSE participating in DTCC's largest tokenization initiative to date.
Despite the recent pullback, ONDO's bullish structure remains intact with the Relative Strength Index (RSI) standing near 64, suggesting strong demand and continued buyer control. The Buy-Sell Delta supported this view, remaining positive for four consecutive days with Buy Volume reaching 199.6 million compared to 186.5 million in Sell Volume, producing a positive delta of 13 million indicating aggressive spot accumulation. However, whale activity remains a significant concern as the Spot Average Order Size indicated whales returned five days earlier, with large orders appearing between $0.36 and $0.37. The Spot Taker CVD remained negative, signalling sustained seller dominance as whales may have returned to take profits after ONDO rebounded from $0.31. If these conditions persist, ONDO could hold its 200-day EMA at $0.37 and challenge the $0.40 resistance, or retreat toward the 20-day EMA at $0.33 under continued selling pressure.
Ondo has expanded its global reach through a strategic partnership with Japan's SBI Group to bring Japanese equities onchain. As reported by AMBCrypto, the collaboration aims to distribute Ondo products through SBI's network and explore the use of a yen-backed stablecoin for settlement. According to Ian De Bode, CEO of Ondo Finance, "This collaboration creates a path to bring Japanese assets onchain and to connect Japan with the global tokenized economy." This partnership significantly expands Ondo's market presence beyond the US, connecting the platform with Japan's traditional financial infrastructure and opening new opportunities for tokenized asset distribution in the Asian market.
Ondo Finance's on-chain activity has surged significantly, with new addresses increasing for three straight days according to Santiment Intelligence. The metric hit 754 on July 16, representing about twice the pace seen earlier in the month. Daily active addresses also increased from 1,410 to 2,589 over the same period, demonstrating growing user engagement with the platform. This increased on-chain activity coincides with the company's new infrastructure developments and partnerships, suggesting that new developments have attracted significant attention to the platform and its tokenized products.
