Whale deposits $2.13M ONDO on Bybit as price drops below $0.35 amid mixed market signals

A large deposit of 6 million ONDO tokens, worth about $2.13 million, was made to Bybit from wallets linked to Wintermute, sparking concerns about token distribution amid market weakness. ONDO's price fell over 7% to $0.346, testing a critical support level. Despite this, exchange netflows showed more tokens leaving exchanges than entering, indicating ongoing accumulation by many holders. Technical indicators and derivatives data suggest growing bearish sentiment, but if buyers defend the $0.34 support, ONDO could stabilize and attempt a recovery.