ONDO’s order book looks strikingly thin right now.
The bid-ask spread is only a little over 0.02%, which makes liquidity look plentiful. But the ten levels of bids add up to less than $70,000; an order of $70,000–$80,000 could wipe out that bid depth, so anyone trying to enter with a moderately large position would struggle. Daily trading volume across all platforms is over $70 million, but Binance spot accounts for only a little over $7 million. Most of the activity isn’t happening on its main venue.
Rankings and market conditions are two very different things. ONDO is in the top ten on the trending list, but it’s down 25% over the past month and still 80% below its high of more than $2. Meanwhile, the sector itself is expanding: the value of tokenized stocks has more than tripled in a year, JPMorgan has brought JPM Coin to Ethereum, and tokenized stocks have become the largest market in on-chain lending. The buzz is about the sector, not ONDO itself.
There’s also an unavoidable question: revenue is accruing at the product and distribution level, and it’s too early to conclude how much will flow through to the token.
The bid-ask spread is only a little over 0.02%, which makes liquidity look plentiful. But the ten levels of bids add up to less than $70,000; an order of $70,000–$80,000 could wipe out that bid depth, so anyone trying to enter with a moderately large position would struggle. Daily trading volume across all platforms is over $70 million, but Binance spot accounts for only a little over $7 million. Most of the activity isn’t happening on its main venue.
Rankings and market conditions are two very different things. ONDO is in the top ten on the trending list, but it’s down 25% over the past month and still 80% below its high of more than $2. Meanwhile, the sector itself is expanding: the value of tokenized stocks has more than tripled in a year, JPMorgan has brought JPM Coin to Ethereum, and tokenized stocks have become the largest market in on-chain lending. The buzz is about the sector, not ONDO itself.
There’s also an unavoidable question: revenue is accruing at the product and distribution level, and it’s too early to conclude how much will flow through to the token.