In the past few hours, a striking sequence of transactions associated with the ONDO token has captured the notice of the crypto community.
Two wallets linked to the decentralized finance (DeFi) platform @OndoFinance have deposited a breathtaking 13.83 million ONDO, worth about $12.2 million, into Coinbase Prime. This is part of a larger, ongoing deposit trend associated with wallets belonging to Ondo Finance’s multi-signature wallet. This trend has triggered speculation and wonder among the crypto community regarding the future direction of the platform and its native token.
A Deep Dive into Ondo Finance’s Recent Deposits
The two wallets being examined are part of a group of seven that received a total of 49.41 million ONDO tokens, worth roughly $35.4 million, from Ondo Finance’s multi-sig wallet (address 0x677) on September 24, 2024. When the distribution occurred, ONDO was trading considerably lower, at just $0.717 per token. This distribution seems to be a part of a larger allocation strategy, as the other five wallets in this set also hold a significant amount of ONDO tokens. While the total value of this allocation was certainly eye-catching, the real interest now seems to be in following the tokens’ trail and understanding what they’re being used for.
Two wallets linked to @OndoFinance deposited 13.83M $ONDO ($12.2M) to #CoinbasePrime 4 hours ago.
🔹 These wallets are part of the seven that received 49.41M $ONDO ($35.4M) each from Ondo Finance's multi-sig 0x677 on Sept 24, 2024, when the price was $0.717.
🔹 Since Feb 5,… pic.twitter.com/ZBObl8TtmN
— Spot On Chain (@spotonchain) March 25, 2025
February 5, 2025: These wallets have been actively depositing ONDO tokens to Coinbase Prime, a platform often used by institutional traders for high-volume transactions and secure asset management. Current status: A total of 69.17 million ONDO tokens, worth approximately $74.9 million, have been deposited across these wallets. Average price for recent deposits: The average price for these recent deposits is around $1.083 per token. This suggests the market price has increased significantly since the original distribution in late 2024.
The most recent addition to this pool of sums is a deposit of 13.83 million ONDO, executed just four hours ago. This latest addition, forming a part of an already considerable sum, only strengthens the notion that these wallets are managing a not insignificant part of the Ondo Finance token supply. And these wallets are not just holding; they are doing something with the tokens, which is evident if we look at the kind of ‘infrastructure’ activity that these wallets have been up to.
What Does This Mean for the Future of ONDO and Ondo Finance?
The deposits to Coinbase Prime represent a large part of the circulating ONDO supply. Currently, a total of 276.7 million ONDO tokens worth around $244 million are remaining across these seven wallets. Each wallet holds approximately 39.53 million ONDO, which is valued at around $34.8 million. This is a large enough holding that it has real implications for both the ONDO token’s market liquidity and its potential for price fluctuations.
A key point to consider is the market interest in ONDO as it makes the transition from a low-value token to one at a much higher price and with a significantly increased trading volume. The deposits to Coinbase Prime may indicate that large holders are preparing for further engagement by institutions with ONDO, which, if nothing else, suggests that someone has a lot of confidence in its future potential. Coinbase Prime is often used by institutional investors for larger trades, which means these wallets might be involved with some significant market moves very soon, whether that’s through the sale of ONDO tokens or some further strategic investment in the platform.
Moreover, with the price of ONDO rising from $0.717 at the time of the original distribution to an average deposit price of $1.083 in early 2025, it is evident that the token has made strides in the market. This escalation in price may portend an increase in demand for ONDO, an increase that seems to be driven, in part, by an increase in trust among users of the Ondo Finance platform and in the platform’s vision for the long term. And the continued push by Ondo Finance to deposit significant sums of its token into a major exchange like Coinbase Prime may signal even more market-related developments to come.
Also an important aspect DeFi is to deal with the clarity of the ONDO token movement for the common good of the users. The crypto community can follow the ONDO token all along its on-chain existence. This means any common observer can study how the ONDO is apparently being put to use, or any potential common use, from the healthy unsolicited perspective of crypto community members who are potentially oneself. The trust scenario is (1) you can potentially see what is happening off the ONDO token on-chain to have any idea of what might be going to happen in the very near future without any drop in clarity. Trust scenario (2) is that the ONDO token will supposedly be brave enough to exist in a common-use mode sans any common-use potential drama that might make one hesitate to trust it to be doing common good. By common good, we mean clarity of purpose and lack of purpose drama.
Conclusion: A Token to Watch
The continual inflow of ONDO tokens into Coinbase Prime underlines the instances in which the importance of Ondo Finance in the decentralized finance ecosystem is growing and the likelihood that the ONDO token itself is becoming a valued asset attractive to institutional players. With more than $244 million worth of ONDO in those wallets, the outcome seems to be an increase in potential volatility and an uptick in the token’s liquidity.
With the increasing disclosure of the use of these deposits, the market will most probably keep a close watch over Ondo Finance’s activities. Are these sizable transfers the precursor to some big market sales or a move in some other direction by Ondo Platform? It’s difficult to say, and all that can be said for certain is that ONDO, the token, is a better watch now than it was last month.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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