Behind the 10% drop of ONDO: liquidity outflow vs. on-chain activity explosion, derivatives market undercurrents surging

【CryptoWorld】The $11 million liquidity outflow from the derivatives market has directly impacted the price of ONDO—down 10% in 24 hours, with the entire market adjusting accordingly. This looks quite intense, but a closer look at on-chain data reveals interesting details.

ONDO’s on-chain ecosystem continues to grow strongly, with total value locked (TVL) surpassing a record high of $1.93 billion. More importantly, the number of token holders has reached 174,360, also a new record. What does this indicate? It suggests that although the price is falling, the fundamental appeal is actually increasing.

From the derivatives trading perspective, the situation is beginning to turn around. Trading activity for ONDO contracts on exchanges like Binance has significantly rebounded, funding rates are strengthening, and open interest (OI) is increasing. These details reveal a shift in market sentiment—short-term selling pressure may have been largely absorbed, and conditions for a rebound are forming.

In simple terms, the current situation is: short-term liquidity fluctuations have caused panic, but long-term holders are holding firm, and traders are quietly positioning themselves. Signs of a price rebound are already emerging.