Whales are gobbling up a red-hot crypto project that’s focused on tokenizing real-world assets (RWAs).
The crypto tracker Lookonchain notes that one whale withdrew 6.53 million ONDO, the native token of Ondo Finance, from the crypto exchange Bybit over the past month.
-->That trove is worth more than $6 million.
Ondo Finance aims to provide institutional-grade financial products and services via a public blockchain by tokenizing RWAs and developing financial protocols that integrate those tokens.
Lookonchain also notes that a different whale withdrew 1.98 million ONDO worth nearly $1.83 million from the crypto exchange Gate.io over a one-hour period on Sunday.
A third whale also withdrew 937,600 ONDO worth $864,867 from Gate.io a few hours before that, according to the blockchain tracker.
ONDO is trading at $0.922 at time of writing. The 91st-ranked crypto asset by market cap is up more than 8 in the past 24 hours and nearly 124 in the past week. The token also set a new all-time high of $0.9702 early Monday morning, according to CoinGecko.
Lookonchain also notes that a whale deposited 11,275 Ethereum (ETH) worth $37.4 million to the top crypto exchange Binance at a loss of approximately $500,000 over the weekend. The whale then made moves to buy back into the second-ranked crypto asset after its price went up.
Explains the blockchain tracker,
“As the price of ETH increased, he withdrew 9,092 ETH ($31.7 million) from Binance… and borrowed 18 million USDT to buy more ETH.”
