#大户持仓动态 $ONDO Spot Trading Depth Analysis | December 20, 2025

The story of this coin is quite interesting—fundamentals are solid, but the price is playing out a reverse script.

【Core Driving Force】
ONDO has indeed taken the lead in the tokenization of real assets. The TVL of the RWA ecosystem has approached 2 billion, with institutional funds continuously flowing in. Recently, the collaboration with LayerZero has been even more critical—Ondo Bridge now enables seamless transfer of over 100 tokenized assets between Ethereum and BNB Chain, with plans to connect to Solana in early 2026. What does this mean? The liquidity ceiling has been broken.

There's another thing that can't be ignored—ONDO successfully passed SEC investigations after two years and officially gained regulatory approval. In the US, the strictest market, obtaining this "passport" significantly enhances the overall potential of the RWA track.

【But there are issues】
In the past 12 months, ONDO's token price has fallen by 75%. Yes, you read that right—while the project's fundamentals are soaring, the token is crashing. This disconnect isn't new in the crypto market, but the extent is indeed alarming.

The technical warning lights are also on. RSI has surged above 70, indicating an overbought condition. Short-term EMAs are all below the long-term EMA99, showing that the rebound faces significant resistance. This suggests a possible wave of correction at any time.

【Market Sentiment】
There are many optimistic voices in the community, with some viewing ONDO as a "institutional-grade RWA investment target." But looking at the price performance, the actual actions of institutions seem inconsistent with their words—TVL is rising, but the coin price is falling. Someone needs to explain this contradiction.

In summary: The direction of real asset tokenization is correct, and ONDO's position is also right, but both valuation and technical indicators tell you—being cheap might not necessarily be a good thing.