Spot Ethereum ETF Makes BlackRock 'Very Eager To Push' This Trending Coin's Narrative, Trader Claims

Author: Khyathi Dalal | May 24, 2024 09:31am

Ondo Finance (CRYPTO: ONDO) is rallying after the approval of spot Ethereum (CRYPTO: ETH) ETFs, prompting traders to predict more upside for ONDO.

What Happened: Heavily followed crypto trader Aylo noted in his latest tweet that the Real World Assets sector "is one of the biggest beneficiaries of the spot ETH ETF approvals." He adds that the approval is a green light for tokenization of all assets on Ethereum, highlighting Chainlink (CRYPTO: LINK) and ONDO as the "two big ways to bet on this."

Popular crypto trader Jelle notes that ONDO is the first post-ETF news narrative, highlighting his investment of ONDO at <$0.80, he predicts that the token is "ready to send higher."

He believes ONDO is "Well-positioned to take advantage of the RWA-trend, which BlackRock is very eager to push."

Another crypto trader chipped in with a bullish prediction for ONDO:

$ONDO said; "I'm going to print one of the most horrendous looking charts for 2 months straight and then quietly make a new ATH when you're all distracted"

and I'm not gonna lie,

it got me. pic.twitter.com/6WZBgS8AYU
— Mercury (@TraderMercury) May 24, 2024

Also Read: This Crypto, Pumping 12% On New Asset Tokenization Milestone, Is ‘An Opportunity Of A Lifetime,’ Says Analyst

Why It Matters: Coingecko data shows the market capitalization of RWA-related cryptocurrencies up 3.3% in the past 24 hours, trading at an aggregated valuation of $8.6 billion. Ondo Finance is the top gainer, with a 15% price increase on trading volume of $403 million in the same timeframe.

Daily active addresses have increased by 16%, with transactions greater than $100,000 almost doubling to 145 from the prior day. IntoTheBlock data notes 92% concentration by large holders, while 100% of Ondo users are in proft at current levels.

ONDO has contributed $195 million to BlackRock‘s first onchain fund called BUIDL, which holds $448 million assets under management.

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.

Image: Shutterstock

Posted In: $ETH $LINK