Ondo Finance's native token ONDO is under heavy selling pressure in both spot and derivatives markets, according to data from CryptoQuant. The analytics firm flagged aggressive sell orders hitting the order books and elevated short interest on futures exchanges. The selling comes amid a broader market downturn, but ONDO's decline has been notably sharper than many peers.
What the data shows
CryptoQuant's metrics indicate that ONDO has faced sustained selling in the spot market, with large sell orders consistently hitting bids. On the derivatives side, open interest has dropped while funding rates turned negative, suggesting traders are betting on further downside. The combination of spot and futures selling pressure often signals a coordinated move by large holders or market makers. The data, released on August 5, 2026, shows that the selling has been concentrated over the past 24 hours.
Market reaction
ONDO's price has fallen sharply over the past 24 hours, though exact figures are not available at this time. The token's trading volume spiked as sellers rushed to exit positions. Some smaller exchanges reported brief liquidity gaps as market makers pulled orders. The selling pressure has not yet triggered any major exchange intervention, but the situation is being closely watched. On social media, traders expressed concern about the speed of the decline, though no official statements have been issued by Ondo Finance or related parties.
Possible catalysts
No specific news or protocol update has been announced that would explain the sudden sell-off. The broader crypto market has been under pressure this week, but ONDO's decline appears outsized. Some traders on social media speculated about a large holder liquidating, but those claims remain unconfirmed. CryptoQuant's data does not identify the source of the selling. It is possible that the selling is related to a whale exiting a position or a market maker rebalancing, but without on-chain attribution, the cause remains unclear.
What to watch
The key question is whether the selling pressure will exhaust itself or accelerate. If ONDO fails to hold current support levels, a deeper correction could follow. On the other hand, if buying interest emerges at lower prices, the token may stabilize. The next few trading sessions will be critical. CryptoQuant will likely update its data in the coming hours, providing more clarity on whether the sell-off is easing or intensifying. Traders should monitor order book depth and funding rates for signs of a reversal. If the selling pressure continues, ONDO could test lower support levels. Conversely, a sudden spike in buying volume could trigger a short squeeze, given the elevated short interest. The next 48 hours will be telling.
