The filing by 21Shares for a spot ONDO exchange-traded fund (ETF) has renewed attention on the token. However, ONDO’s price action reveals a disconnect from this positive narrative, as it continues to trade near local lows. A recent 8% bounce mirrored broader market gains, indicating the move was driven by general momentum rather than new ONDO-specific demand. Technical structure remains weak, with sellers actively defending previously broken support levels.
The filing by **21Shares** for a spot ONDO ETF has returned the token to the spotlight. Despite this, its price continues to press near local lows, exposing a sharp gap between narrative and market structure.
ONDO bounced nearly 8% over a 24-hour period, pushing toward the $0.25 zone. This rebound corresponded with a market-wide appreciation, making it unclear if the ETF news had any direct impact.
Buyers followed general market momentum, not fresh ONDO demand. The price remained well below previously lost structural levels, with sellers defending rebounds aggressively.
ONDO’s daily chart shows repeated rejection below the $0.356 zone, a level that previously acted as support. The $0.20 region now stands out as the next major demand zone if selling resumes.
Derivatives participation cooled sharply as traders reduced exposure. Total derivatives volume dropped 40.51% to $227.96 million, while Open Interest fell 1.50% to $68.52 million.
Open Interest-weighted funding flipped negative, forcing longs to pay shorts. Such a skew often alludes to traders leaning into downside continuation, rather than rebound scenarios.
A liquidation heatmap revealed dense leverage clusters defining ONDO’s immediate risk boundaries. Heavy short-side liquidity clusters were above $0.27, while long liquidations were concentrated between $0.24 and $0.23.
While the ETF filing has restored visibility to ONDO, the market structure will continue to dictate price behavior. Defensive positioning is indicated by repeated rejections, collapsing derivatives volumes, and negative funding rates.
