ONDO ETF Filing Sparks Attention but Sellers Curb Rebound

• 21Shares filed an ETF for the tokenized real-world asset ONDO, increasing visibility but not reversing bearish trends according to crypto news.
• ONDO's price struggles to break the $0.356 resistance, with sellers dominating the market structure as reported.
• Derivatives volume and open interest have dropped, suggesting reduced speculative interest in the token according to MEXC data.

The recent 8% rebound in ONDO over 24 hours has not changed the bearish landscape. Sellers continue to defend key resistance levels, keeping the price below critical psychological thresholds. This dynamic highlights the token's susceptibility to further downside unless buyers can generate fresh momentum. The $0.20 region now acts as the next support level under scrutiny.

Derivatives activity has cooled significantly, with total volume falling by over 40%. This decline suggests traders are adopting a more cautious stance, likely due to the broader market volatility affecting real-world asset tokens. The negative funding rates and declining open interest also signal a shift toward bearish positioning across the derivatives market.

What Drives ONDO's Price Action?

The token's inability to reclaim key structural levels despite the ETF filing points to limited demand from the news. While the filing has brought ONDO back into the spotlight, the price remains tethered to broader market movements rather than generating independent bullish momentum. This suggests that buyers are following the market rather than driving it.

The $0.356 zone remains a critical psychological barrier for ONDO. Repeated rejections below this level reinforce seller dominance, with the next major support at $0.20. Traders remain cautious, and the derivatives market is showing signs of defensive positioning. The drop in open interest and volume indicates a lack of confidence in a near-term reversal.

How Does the Derivatives Market Reflect Investor Sentiment?

Derivatives markets are showing a bearish tilt, with open interest falling by 1.50% and negative funding rates amplifying short-side dominance. The drop in derivatives volume by over 40% reflects a sharp decline in speculative activity, signaling a cautious stance among traders. Open interest-weighted funding rates flipping negative confirm growing bearish control.

Liquidation heatmaps reveal leverage clusters around $0.27 and $0.24, trapping traders in a narrow volatility corridor. These conditions create a high risk of liquidity hunts should the price break either barrier. This scenario could further pressure the token toward the $0.20 support zone.

The broader real-world assets (RWA) market, where ONDO is a participant, has seen a surge in perpetual contracts as traders speculate on precious metals. This trend is being driven by the extreme volatility in gold and silver, which has pushed RWA perpetuals volume above $15 billion. According to market data, Binance dominates this niche, holding 68.37% of year-to-date volume.

What Is the Broader Significance of ONDO's Market Position?

ONDO's role in the tokenized real-world assets sector is becoming increasingly relevant as platforms like MetaMask and Ondo Finance expand access to tokenized U.S. stocks, ETFs, and commodities. This integration allows users to trade tokenized assets without traditional brokerage accounts, according to MetaMask.

MetaMask's integration of Ondo Finance's platform gives users access to over 200 tokenized U.S. equities and ETFs, including major holdings like Tesla and NVIDIA. This development reflects the broader trend of tokenized assets exceeding $22 billion in total market value. The expansion of tokenized assets into everyday trading platforms highlights ONDO's potential beyond speculative trading.

Despite this growth, ONDO remains vulnerable to further downside in the short term. The market structure, derivatives positioning, and liquidation risks suggest that sellers are in control unless buyers can generate fresh momentum. The path to recovery likely depends on ONDO reclaiming broken structural levels with renewed participation from buyers. Until that happens, the token remains exposed to further declines.