Whale 0x0af Dumps 10.978M ONDO for $13.58M, Incurring $3.54M Loss

In a significant move over the past 12 hours, whale address 0x0af liquidated its entire holding of 10.978 million $ONDO tokens, converting them to $13.58 million in USDC.

This marked the conclusion of the whale’s first ONDO trade, with an estimated loss of $3.54 million (-20.7%) in just 38 days.

The whale initially acquired the tokens on December 9, 2024, spending 4,611 ETH (worth $17.1 million at the time) at an average price of $1.553 per token. However, all tokens were sold today at a losing average price of $1.237 per token, reflecting a sharp downturn in market conditions.

Selling Ahead of Massive ONDO Unlock

The timing of the sale appears strategic, as Ondo Finance is set to unlock a staggering 1.94 billion $ONDO tokens on January 18, 2025. This massive unlock, valued at approximately $2.42 billion, equates to 134.2% of the current circulating supply and is expected to significantly impact the market. The whale’s move to sell just before the unlock suggests an effort to mitigate further potential losses.

Rare ONDO Trading Opportunity  

Interestingly, $ONDO currently features a funding rate exceeding -60%, meaning exchanges are paying traders to take long positions. Such an unusual setup could create unique opportunities for those bullish on the token’s future performance.

The Bottom Line

While the whale’s exit from $ONDO resulted in a steep loss, the market remains poised for volatility with the impending token unlock. The negative funding rate also presents a rare trading opportunity, making Ondo Finance a key project to monitor closely in the coming days.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: itchaznong/123RF // Image Effects by Colorcinch