The post ONDO hikes 13% after ETH’s ETF approval – Why and what next? appeared on BitcoinEthereumNews.com.

ONDO experienced significant trading activity as metrics suggest a further price increase in the short term. The TVL of the protocol also jumped, suggesting reinforced trust for the project. Immediately after the U.S. SEC announced that it had approved eight Ethereum [ETH] spot ETFs, Ondo’s [ONDO] price rallied. Before the approval, the price of the token was $0.92. However, ONDO’s price has increased by 13.26% in the last 24 hours with the token crossing the $1 psychological area. Well, you might be wondering what connection Ondo has with Ethereum such that the impact of the development was intense. AMBCrypto would explain. In previous articles, we mentioned how ONDO could be a big beneficiary of the buzzing tokenization of Real World Assets (RWAs) despite decoupling from ETH at one point. Is ONDO and ETH now a couple? But besides that, Ondo Finance, the team behind the project, recently moved its assets to BlackRock’s BUIDL tokenization fund. For context, this fund operates on the Ethereum blockchain. Like Ondo’s offerings, BUIDL allows users to earn yields on their U.S. dollar holdings. Hence, this indirectly makes ONDO which is not an Ethereum L2, a beta of the blockchain. Interestingly, it seemed some market participants had anticipated the move. Six days ago, on-chain data showed that a trader changed 1,870 ETH for ONDO at an average price of $0.95. Also, another participant who purchased the token in February still holds the cryptocurrency despite a 288% unrealized profit. An action like this suggests that the token’s price could extend higher than $1.08 in the future. Furthermore, AMBCrypto looked at ONDO’s volume. At press time, data from Santiment showed that the metric hit a monthly high of $449.50 million. Source: Santiment The increase in volume was proof of rising interest in the token. When placed alongside the…

---

Filed under: News - @ May 25, 2024 6:16 am