After the recent listing of ONDO on Upbit, GSR Markets has been observed reducing its holdings, transferring 3.5 million ONDO tokens, worth approximately $4.27 million, to Bybit over the past day.
GSR has been steadily building a position of 9 million ONDO tokens since February, with an average acquisition cost of $0.5718 per token. Given the recharge price of $1.22, if GSR sells its entire position, it stands to make a profit of $2.26 million. Currently, GSR still holds 3.5 million ONDO tokens.
The move comes as the on-chain ecosystem increasingly recognizes the potential of tokenization.
As leading onchain ecosystems embrace the potential of tokenization, Ondo Finance is witnessing growing demand for our high-quality yieldcoins. https://t.co/ZYu1SkWX3P
— Ondo Finance (@OndoFinance) June 14, 2024
Ondo Finance is experiencing heightened demand for its yield-generating coins.
Reflecting this growing interest, Ondo’s total value locked (TVL) has surged by more than 150% since March. The trend highlights significant developments in the tokenized real-world assets (RWAs) sector, an area many in the market have yet to fully appreciate.
Ondo's TVL is up more than 150% since March. Big things are happening in tokenized RWAs and most of the market is missing it. pic.twitter.com/lX41SbLx48
— Patrick Scott | Dynamo DeFi (@Dynamo_Patrick) June 14, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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