Ondo Finance ONDO/USD is rallying after the approval of spot Ethereum ETH/USD ETFs, prompting traders to predict more upside for ONDO.
What Happened: Heavily followed crypto trader Aylo noted in his latest tweet that the Real World Assets sector "is one of the biggest beneficiaries of the spot ETH ETF approvals." He adds that the approval is a green light for tokenization of all assets on Ethereum, highlighting Chainlink LINK/USD and ONDO as the "two big ways to bet on this."
Popular crypto trader Jelle notes that ONDO is the first post-ETF news narrative, highlighting his investment of ONDO at <$0.80, he predicts that the token is "ready to send higher."
He believes ONDO is "Well-positioned to take advantage of the RWA-trend, which BlackRock is very eager to push."
Another crypto trader chipped in with a bullish prediction for ONDO:
Why It Matters: Coingecko data shows the market capitalization of RWA-related cryptocurrencies up 3.3% in the past 24 hours, trading at an aggregated valuation of $8.6 billion. Ondo Finance is the top gainer, with a 15% price increase on trading volume of $403 million in the same timeframe.
Daily active addresses have increased by 16%, with transactions greater than $100,000 almost doubling to 145 from the prior day. IntoTheBlock data notes 92% concentration by large holders, while 100% of Ondo users are in proft at current levels.
ONDO has contributed $195 million to BlackRock‘s first onchain fund called BUIDL, which holds $448 million assets under management.
What’s Next: The influence of Ethereum as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Bitcoin Retail Interest ‘Not Coming This Bull’, Warns Trader
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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