Crypto whales are piling into Injective (INJ) even as the token lags the broader DeFi market, while simultaneously trimming exposure to Ondo (ONDO) after a strong rally. The moves come ahead of the Federal Reserve's July 29 rate decision, which could shift the yield landscape for real-world asset tokens.
INJ accumulation deepens
Top Injective addresses increased their holdings by 6.23% to 97.52 million INJ over the past week — worth about $26 million at current prices. That's happening while INJ itself has fallen roughly 13% over the past week and 6.6% in the last 24 hours, underperforming other DeFi tokens like Aave, which gained about 6% over the past month.
Exchange outflows tell a similar story. The balance of INJ on exchanges dropped 73.56% to 1.94 million INJ, suggesting holders are moving tokens to self-custody rather than preparing to sell. The timing isn't great for the price, but whales appear to be betting on a longer-term play.
Ondo whales take profits
Ondo has been one of the strongest real-world asset (RWA) tokens, up about 25% over the past 30 days. But whale addresses are cutting exposure. Supply held by whales excluding exchanges fell from 61.6 billion to 61.58 billion ONDO since July 27 — a drop of roughly 20 million tokens worth about $7.8 million.
That's a modest trim in percentage terms, but it signals profit-taking as the rally matures. Ondo's price has held up better than INJ, but the whale selling suggests some large holders see less room to run.
Aave whales de-risk
Aave whales are showing mixed behavior. Supply held by whales excluding exchanges has fluctuated and recently trimmed from 10.41 million to 10.39 million AAVE, worth about $1.9 million. Aave itself has held its gains — up about 7% over 30 days and 2% on the week.
The selling looks more like de-risking than a conviction exit. With the Fed decision just a day away, some whales may be locking in profits ahead of potential volatility.
Fed decision in focus
Markets are pricing roughly a one-in-three chance of a rate hike at the July 29 meeting and about 82% by September. A hawkish Fed could lift yields on Treasuries that RWA tokens like Ondo tokenize, potentially dulling their on-chain yield pitch.
For Injective, a rate hike could further pressure risk assets, but the accumulation pattern suggests whales are looking past the short-term noise. The Fed's decision on Wednesday will be closely watched — and the whale moves this week show which way some of the biggest holders are leaning.
