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Ondo Finance (CRYPTO: ONDO) is tipped to be “the strongest Ethereum (CRYPTO: ETH) beta” ahead of the Spot Ethereum ETF decision.
What Happened: One trader noted in his "extremely bullish" latest tweet “the BlackRock ETH ETF” is about to get approved, citing a video of Larry Fink, CEO of BlackRock, saying the next step is the tokenization of financial assets.
Another researcher touts that the “real-world-asset narrative will soon explode.” The trader notes that "ONDO has been a top performer behind L1s and memes this week."
Heavily followed crypto trader Cold Blooded Shiller tweeted:
One trader reacted to the tweet stating, ONDO is “the strongest ‘ETH beta’ that nobody is talking about but will be soon.”
Another crypto trader wrote that if "you can't buy securitized tokens, you can buy ONDO which is the next best thing." He also predicts Larry Fink to announce more plans for tokenized assets soon.
Why It Matters: In late March 2024, Ondo Finance announced that it is shifting backing assets of its OUSG token from a less desirable short-term Treasury bond ETF to BlackRock’s BUIDL tokenized fund. The strict requirement stops smaller investors from investing in BlackRock’s BUIDL but allows platforms like Ondo to leverage the fund for its retail-facing offerings, Yahoo Finance reported.
DeFiLlama notes that Ondo Finance’s total value locked peaked at $453 million on May 22, its all-time highest level.
IntoTheBlock data reported a surge of 52.3% in large transaction volume, with 84% of ONDO holders in profit and 15% at breakeven. The concentration by large holders stands at 92%, with around 63% of holders accumulating the tokens for one to twelve months.
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: RippleX Senior VP Predicts Tokenized Asset Market Valuation Of $16 Trillion
Image: Shutterstock
Posted In: $ETH
