Whale Investors Book Profits on Ondo Finance ONDO/USD After Spectacular Increase

Whale investors decided to lock in gains on their Ondo Finance ONDO/USD investments after the real-world asset token's spectacular increase over the last month.

Whale investors opted to lock in gains on their Ondo Finance (ONDO) investments on Friday as the real-world asset token continued its spectacular run over the last month.

Following the coin’s listing on Korean cryptocurrency exchange Upbit, on-chain analytics firm Spot On Chain noticed two whales depositing millions in ONDO to cryptocurrency exchange Bybit.

The first whale realized a 42% profit by depositing 1.95 million ONDO tokens, valued at $2.55 million, into Bybit. The second whale offloaded 1 million ONDOs, valued at $1.31 million, gaining 45% on the sale. This investor still has an additional 1 million stash left with them.

ONDO has been the third best-performing cryptocurrency over the last month, with gains of more than 73%. The rally boosted unrealized profits of holders, as more than 90% of the holders were “in the money” as of this writing, according to IntoTheBlock.

The token is the native token of Ondo Finance, a tokenization project backed by Coinbase. The tokenization of real-world assets on the blockchain has emerged as one of the hottest narratives in Web3.

Ondo tokenizes U.S. government treasury bonds and its Short-Term US Government Bond was the third highest in market capitalization in this category of offerings, according to rwa.xyz.

Additionally, the platform has total deposits of $534 million as of this writing, data from DeFiLlama shows, more than doubling year-to-date.

The profit-taking seemed to have impacted ONDO as the token slipped 0.48% in the last 24 hours to trade at $1.30 at the time of publication, according to data from Benzinga Pro.

News source：https://www.kdj.com/cryptocurrencies-news/articles/whale-investors-book-profits-ondo-finance-ondousd-spectacular-increase.html

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