Whales Hoarding ONDO as Tokenization Frenzy Intensifies

Whales are accumulating ONDO, the native token of Ondo Finance, a crypto project that tokenizes real-world assets (RWAs). Over the past month, one whale withdrew $6 million worth of ONDO from Bybit, while another withdrew $1.83 million from Gate.io in an hour. A third whale also withdrew $864,867 from Gate.io. ONDO has surged over 8% in the last 24 hours and nearly 124% in the past week, reaching a new all-time high of $0.9702 on Monday.

Whales Accumulate ONDO Assets Amid Tokenization Surge

Crypto asset data analytics firm Lookonchain has identified significant whale activity centered around Ondo Finance (ONDO), a project leveraging blockchain technology to tokenize real-world assets (RWAs).

Over the past month, a prominent whale entity withdrew a substantial 6.53 million ONDO from the cryptocurrency exchange Bybit. This acquisition is valued at over $6 million.

Ondo Finance's mission is to facilitate institutional-grade financial products and services through a public blockchain. By tokenizing RWAs and developing corresponding financial protocols, the platform aims to integrate these assets into a wider crypto ecosystem.

Another whale transaction tracked by Lookonchain involved the withdrawal of 1.98 million ONDO from Gate.io, a popular cryptocurrency exchange. This withdrawal, totaling nearly $1.83 million, occurred over a brief one-hour period on Sunday.

A few hours prior to this transaction, Lookonchain observed a third whale withdrawing 937,600 ONDO, equivalent to $864,867, from the same exchange.

At the time of writing, ONDO is trading at $0.922. The token, currently ranked 91st in market capitalization, has experienced a remarkable 8% increase in the past 24 hours and a staggering 124% surge during the past week. According to data from CoinGecko, ONDO reached a new all-time high of $0.9702 early Monday morning.

Beyond the ONDO accumulation, Lookonchain also reported significant whale activity involving Ethereum (ETH). A large whale deposited 11,275 ETH, valued at approximately $37.4 million, to Binance, the leading cryptocurrency exchange. Notably, this transaction resulted in a loss of around $500,000 for the whale.

However, the whale subsequently repurchased ETH, taking advantage of a price increase. As described by Lookonchain, "As the price of ETH increased, he withdrew 9,092 ETH ($31.7 million) from Binance... and borrowed 18 million USDT to buy more ETH."