AlphaQ

ONDO INTERNALS ANALYSIS October 31, 2026 QUICK READ Following the headlines around Binance, the entire crypto market took a hit, and Ondo pulled back about 4% to trade at roughly $0.41. When news like this breaks, the big fear is that investors will panic-dump their coins or that massive automated liquidations will trigger a price collapse. The actual trading data shows the exact opposite: selling has been slow and orderly, nobody is getting forcibly wiped out, and the largest, most experienced traders on the exchange are quietly using this dip to buy more. BOTTOM LINE This dip is a headline-driven shakeout, not a sign of real trouble for Ondo. The buyers holding real cash are easily soaking up the few coins being sold, while derivatives traders are keeping their leverage low and safe. With top accounts heavily positioned for an eventual rebound, the $0.40 level is acting as a solid floor. WHAT THE NUMBERS ACTUALLY MEAN Reading raw trading data is just like reading a blood test from the doctor. A sheet full of numbers doesn't help unless someone explains whether the patient is sick or healthy. Here is what the key vital signs are telling us right now: 1. Spot Cash Flow: Are Real Holders Dumping? The data: Net spot outflows total about $300,000 over the last four hours. “Spot” means buying and owning the actual token with cash, not gambling on borrowed money. When bad news hits, a sick market sees millions of dollars in panic selling. For Ondo, seeing only around $300,000 leave over four hours on an asset that does over $80 million in daily volume is practically nothing. It means regular investors are not running for the exits. 2. Liquidations: Are Leveraged Traders Getting Wiped Out? The data: Total liquidations over the last four hours were tiny—just over $11,000. When traders borrow money to bet that prices will go up, an unexpected drop can trigger a “margin call,” where the exchange forcibly sells their coins to cover the debt. That forced selling often causes a waterfall crash. Right now, forced selling is almost at zero ($11,000). The weak, over-borrowed hands were already cleaned out days ago, so there is no domino effect waiting to push prices off a cliff. 3. Long/Short Ratios: What Is Smart Money Doing? The data: The top-tier trader ratio on Binance sits at roughly 2.15 to 2.33, leaning long. Simply put: This metric compares how many large accounts are betting on higher prices versus lower prices. A reading above 2.0 means that for every big trader betting Ondo will drop, more than two major accounts are betting it will rise. The smart money on the exchange is not scared of the news; they are treating this price drop as a discount. THE TAKEAWAY Ondo is behaving like a calm, healthy asset weathering a noisy storm. Sellers have run out of steam, buyers are sitting underneath to catch the price, and the structure is holding firm around the forty-cent mark.

ONDO ALERT (BREAKOUT IMMINENT) ONDO held its support during the overnight market selloff and has since moved higher. As Tether dominance fell from around 6.81% to 6.69%, ONDO recovered several short-term moving averages and moved toward the top of its recent trading range. Spot selling remained light, liquidations were limited, and top trader accounts on Binance and OKX continued to favor long positions. Together, these readings show ONDO holding up well during a difficult stretch for the broader market. QUICK READ ONDO is showing relative strength. It held support during the overnight drop, recovered its four-hour moving averages, and is now testing resistance near $0.4271. Falling Tether dominance supports the broader recovery, although it does not prove that cash is flowing directly into ONDO. The immediate test is whether ONDO can hold its recovered moving averages and break above resistance. TETHER DOMINANCE: CONDITIONS ARE IMPROVING On the four-hour chart, Tether dominance fell roughly 1.47% to 6.698%, moving below three closely watched averages: 20-period simple moving average: 6.804%. 21-period exponential moving average: 6.790%. 50-period simple moving average: 6.778%. It also reached its lower Bollinger Band near 6.695%. Falling Tether dominance means USDT represents a smaller share of the total crypto market. Alongside rising crypto prices, this is consistent with improving demand for risk assets. That provides a more supportive backdrop for Bitcoin and altcoins. FOUR-HOUR PRICE STRUCTURE ONDO traded near $0.4239, up approximately 2.90% on the four-hour candle, after recovering several important levels. Price moved back above the 21-period EMA at $0.4153, the 20-period SMA at $0.4152, and the 50-period SMA at $0.4207. These are now the nearby levels buyers need to defend. ONDO is approaching the upper Bollinger Band at $0.4271, its immediate resistance. The RSI has risen to 56.04, showing improving momentum without reaching the usual overbought threshold. A sustained break above $0.4271 would strengthen the recovery. The 200-period SMA near $0.4676 remains a higher resistance reference, although reaching it will require continued buying. SPOT SELLING REMAINS LIGHT Reported net spot flows showed small outflows of $18,240 over one hour and $56,200 over four hours. These figures show limited net selling during those windows. Combined with ONDO holding support and recovering, they suggest buyers absorbed the available selling without a major breakdown. That is constructive, although the readings still show small outflows rather than fresh net spot buying. FUTURES ACTIVITY AND LIQUIDATIONS Net futures flows were modest: -$52,120 over one hour and +$30,080 over five minutes. These readings do not show an obvious surge in aggressive futures buying. Total four-hour liquidations were approximately $39,460, including $22,430 in short liquidations. Forced selling was therefore limited during that period, while the rise in price also forced some shorts to close. The available figures show a relatively calm recovery. They do not, by themselves, establish that all excess leverage has been removed. TOP TRADER POSITIONING Top trader account long-to-short ratios stood at 3.14 on Binance and 3.30 on OKX. More accounts in these groups were positioned for rising prices than falling prices. That shows a clear bullish preference, but it also means crowded long positioning deserves attention if ONDO loses support. These account ratios do not establish institutional buying or the size of each position. BOTTOM LINE ONDO held support during the overnight selloff and recovered important short-term moving averages. Light spot selling, limited liquidations, and improving momentum support the recovery. The first test is $0.4271. A sustained break above that level would strengthen the setup, with the 200-period moving average near $0.4676 remaining a higher resistance reference. For now, buyers need to defend $0.4207, followed by the $0.4152–$0.4153 area. Holding those levels would keep the improved four-hour structure intact.

ONDO UPDATE October 27, 2026 ONDO’s 4-hour chart is tightening into a Bollinger Band squeeze, with the bands sitting between $0.4554 and $0.5140. This tells us volatility has fallen and a larger move may be building. The last time ONDO broke out of a similar compression, it rose 53% in a few days. That is useful context, but it does not guarantee the same result this time—or tell us which direction the next move will take. Momentum is starting to improve. The 4-hour RSI has turned up to 49.93, above its signal line at 42.61. Buyers are showing some life, though RSI is still around the neutral 50 level. The market internals tell us to be patient: • Spot flow: Net flow is negative by $34.34K over one hour and $88.23K over four hours. We are not yet seeing consistent spot buying to support the bounce. • Futures flow: Futures show positive flow of $58.72K over one hour and $261.35K over four hours while spot flow remains negative. That suggests derivatives are contributing to the move, but it does not establish how much leverage is being used or prove futures are driving the entire bounce. • Liquidations: Only $1.80K in total liquidations occurred over four hours. Activity is quiet, but this figure alone does not tell us how many short positions are waiting overhead. My read: The chart is setting up, and momentum is improving. But I want to see spot buying return and support the move before treating this as a high-conviction entry. ONDO stays on close watch for a PERP trade. BTW, there is no rule that says you can't trade volatility in a long-term investment.

$ONDO Internals Analysis October 28, 2026 ONDO is trading near $0.4207, up roughly 4%, with short sellers taking most of the liquidation losses. The bounce is gaining support from futures, while spot buying is only beginning to improve. Spot demand is turning—but unevenly. The volatility squeeze I described yesterday is beginning to play out. The latest hour shows +$62.65K in net spot flow. However, the broader windows remain negative: approximately -$98K over four hours and -$729K over twelve hours. That is an early improvement, rather than sustained accumulation across the board. Futures are more active. Net futures flow is positive by approximately $576K over one hour and $1.73M over four hours. Binance’s top-trader position ratio stands at 2.76, showing a strong long bias within that group. Short sellers are feeling the move. Of roughly $77.62K liquidated over 24 hours, $71.97K was shorts. The latest four-hour liquidations were entirely shorts, adding forced buying to the rally. My read: ONDO’s recovery is gaining traction. Shorts are getting squeezed, futures demand is building, and the latest spot flow has turned positive. If that buying spreads into the broader timeframes, it will strengthen the case for another leg higher.

I love seeing people running with my $ONDO math now. It’s all over my feed. Funny thing is, a lot of these same people sold near the bottom and spent months in the troll-and-hater camp. Now suddenly they’re bullish. Meanwhile, inside AlphaVille, despite all the criticism and all the noise, we kept accumulating. Collectively, we’re sitting on roughly 4 million ONDO with an average cost basis below $0.40. That is what discipline looks like. Patience. Conviction. Risk management. Not chasing after the move once everybody else finally feels comfortable. I STRONGLY believe ONDO has the potential to make a lot of strong, disciplined, patient people independently wealthy. The other thing to keep in mind is over the next couple of years hundreds of coins will disappear like they do in every single cycle and I’m using the word loosely; just today, a friend of mine who hasn’t spoken to in quite some time I’ve known the guy for many years now he wanted help with his portfolio, which was down 80% and he has like 40 different coins. There’s no need for 40 coins a lot of of those are gonna go to zero. You gotta stick with infrastructure that will be the backbone for the future. Most everything will be Onchain; doesn’t mean online will disappear. The future is the world where everyone is included, and everyone can participate in wealth generation.

Ondo is not just a game changer it's a financial revolution and that's not me being hyperbolic! $Ondo to $30 dollars, is that a joke? I think not. If $Ondo captures just 0.5% of the $140+ trillion global bond market on-chain, you’re talking about roughly $700 billion in assets settled and moving through its infrastructure. Factor in 0.5% of the $150+ trillion global stock market, and the resulting fee generation easily justifies a market cap well north of $150 billion. What's the price then because you keep asking. I rarely care about price until I am ready to sell but here goes the math. $ONDO has a total hard-capped supply of 10 billion tokens, with roughly 4.87 billion currently circulating: At 100% Fully Diluted Valuation (All 10B tokens unlocked):$150,000,000,000 ÷ 10,000,000,000 = $15.00 At Current Circulating Supply (~4.87B tokens):$150,000,000,000 ÷ 4,870,000,000 = $30.80 From current levels around ~$0.35, that is a 43x to 88x re-rating. When critics tell you the token doesn't distribute immediate dividends, remember: Amazon, Apple, and Google spent over a decade plowing every cent of cash flow into infrastructure, scale, and monopolistic distribution before returning a dime. Value accrual follows structural utility and market dominance first—don't get that twisted.

If $Ondo captures just 0.5% of the $140+ trillion global bond market on-chain, you’re talking about roughly $700 billion in assets settled and moving through its infrastructure. Factor in 0.5% of the $150+ trillion global stock market, and the resulting fee generation easily justifies a market cap well north of $150 billion.  And for the critics crying that the token doesn’t directly distribute dividend yield today: Amazon didn't pay out a nickel of its cash flow for decades, and Apple spent over a decade plowing every cent back into building out its ecosystem. Value accrual follows dominance and structural utility first—don't get that twisted. Because the same people 20 years from now are gonna be crying cause they missed out. Those are the people who just like the other lazy people are living in some sort of dreamworld some sort of delusion that for the price of Ondo to rise it has to share in revenues, and that governance means nothing. I don’t care about revenue sharing. I don’t care about attending Ondo meetings, just like I didn’t care about attending shareholder meetings for Apple or Amazon. The narrative is wrong and I’m not pumping up on the because it needs no introduction. It just needs the stupid people to stop ruining young new investors who are seeking actual knowledge trying to learn how the game works trying to learn how to make money for the future for the families meanwhile, you have these trolls in their basements living in their mom‘s basement their grandma‘s house, eating and living for free and not having a job so they sit here 24 seven talking shit cause they got no money to invest you guys gotta realize that unemployment up big-time globally so people have nothing to do except to be on social media wasting everybody’s time. It’s like some kind of fucking virus that’s worse than Covid anyway guys, the haters and the trolls got me all fired up since yesterday now it’s time for me to chill and stop reaping the wild wind.

1- King of RWa’s $Ondo Ever since markets began, it’s always been about the transfer of money from the uninformed to the informed. The middle class—and even parts of the upper class—were shut out. It was all about exclusivity and institutional gatekeeping to keep everyone else right where they were, letting the rich get richer. $Ondo and real-world asset (RWA) tokenization are fundamentally breaking that model. They are changing how the entire globe gets to participate in financial markets: 24/7, completely permissionless, and all-inclusive. Think about a rice farmer in Thailand, or a grain farmer in Nigeria—people who aren't even allowed to hold a basic bank account in their own country unless they meet some arbitrary balance threshold. Now, for the first time, they can access the exact same yield and dollar collateral as any institution on Wall Street. This is the unquestioned, unparalleled example of what RWA infrastructure actually means. It is going to create real wealth over the next decade. Twenty years from now, people will look back and say: “Can you honestly believe ONDO was trading around $0.33 to $0.35 at one point?” That is the story you’re going to tell your kids. Or, you’re going to sit there and explain how you completely missed it—just like the millions who faded Amazon, Apple, and all the generational winners that were written off in the late '90s and early 2000s. What is your future self going to think about what you did right now? Were you just a troll leaving cynical comments, or did you actually pay attention to the shift? You still have time to drop the lazy cynicism, get educated, and stop embarrassing yourself. These comments show zero aptitude and pure intellectual laziness. Anyone can type something stupid online—hell, I’ve said plenty of stupid things in my life and regretted them. Trust me on this: your future self will regret fading the infrastructure before it becomes the standard.

ONDO is trading around $0.3335, up about 1.36%, but the bigger story is underneath the price. 24-hour volume is up more than 51% to nearly $62 million, showing a clear pickup in trading activity. The token itself carries a market cap of only $1.62 billion, while the protocol has about $3.48 billion in TVL — more than twice the token’s market capitalization. That disconnect is exactly why I continue to call ONDO mispriced. The underlying ecosystem is holding substantially more value than the market is currently assigning to the token. With 4.86 billion ONDO circulating out of 10 billion and more than 208,000 holders, the fundamentals continue to expand even while price remains depressed.

LIQUIDITY ABOUT TO TRAVEL TO CRYPTO I’m hearing government spending is about to ramp up significantly heading into September, I fully expect the bloated TGA to start supporting Govt outlays. If you follow the money and look at how institutional flows are positioning this morning, you have to ask yourself: is this a coincidence? I think not. When federal spending accelerates, it invariably triggers heavy, targeted outlays for very specific strategic priorities: Economic & Geopolitical Stimulus: Defense appropriations and war funding. But I am hearing it's more than this. No one will ring a bell or announce QE. Infrastructure Investment: Long-term capital expenditure upgrading national assets—airports, energy grids, and next-generation tech networks. But I am hearing it's more than this. No one will ring a bell or announce QE. Not every dollar goes to crypto but the ecosystem is so tiny... it doesn't need much to fly. The liquidity is moving, but you don't have to take my word for it; the tape/plumbing/internals don't lie. That said, we aren't blindly loading up the boat just yet. Patience is a discipline. The signal either gets confirmed or invalidated by Friday at 11 PM. The delusion in this business is truly spectacular. Nobody sits on their sofa with a bowl of crisps, watching the Premier League, and unironically says, "Put me on the pitch, I’d easily slot one past Manchester City." Nobody watches LeBron James barrel down the lane and thinks, "Yeah, I can contest that without ending up in the intensive care unit." Yet every single day, someone downloads a brokerage app with zero understanding of balance sheet mechanics, sovereign debt, or market plumbing, looks at a screen, and announces: "How hard can it be? I can do that." Stay blessed.

$ONDO UPDATE Something I think people are overlooking is that $Ondo is not new to this. It has been building the infrastructure for tokenized finance for years, and today billions of dollars are already sitting inside that ecosystem. USDY alone is now estimated at roughly $2.1 billion in assets, while OUSG has another roughly $376 million tied to short-term U.S. Treasury exposure. Ondo said earlier this summer that the broader platform was approaching $4 billion in assets onchain. So this is not a company suddenly trying to jump on the RWA/tokenization narrative. They were building the rails before Wall Street decided this was the direction it wanted to go. This is what a leader does while price collapses along side it's cohorts. IT BUILDS NO MATTER WHAT. And yesterday Ondo took another step, filing a comment with the SEC over Rule 611 and arguing that tokenized stocks and traditional stocks should eventually compete under the same execution standards and access the same underlying liquidity. That matters to me because the thesis was never simply about putting a stock or Treasury on a blockchain. It was about building the infrastructure that eventually connects traditional markets with onchain markets. And increasingly, Wall Street is moving in the same direction Ondo has been building toward for years.

Be kind enough to repost this add a comment if you like, let’s get the attention it needs. Let’s go Ondo Army.

$ONDO To me, this is a non-story as far as the actual ONDO thesis is concerned. It looks like an internal governance and control dispute, not a breakdown in the project, the technology, or the growth story. We do not know what De Bode does day to day, we do not know how much technological or operational value Nathan Allman personally contributed, and ONDO continues to grow at a very fast pace. Could an ugly legal fight become a distraction? Sure. But unless this starts interfering with execution, partnerships, product growth, or institutional adoption, I would not read it as bullish or bearish for the token. It is corporate drama, and for now I would keep it separate from the investment thesis. I would put this in the category of “watch it, but do not confuse it with the thesis.

$Ondo Data Analysis 8/2/26 "BULLISH" breaking down the numbers 👇 1️⃣ Leverage is Flushing out Open Interest: Dropped from $209M to $184.5M since July 31. Why it matters: Traders are getting cleaned out, not piling on new risk. This is the healthy deleveraging we needed after the yen carry-trade shock. 2️⃣ The Liquidation Pivot 24-Hour: Overwhelmingly dominated by long liquidations ($307K vs $76K). Latest 12-Hour: Major shift. Short liquidations now beat longs 5-to-1 ($70K shorts vs $14K longs). The takeaway: The forced selling has cooled; short-sellers are starting to get trapped on rebounds. 3️⃣ Futures Pressure is Fading 12-Hour Net Flow Progression: -$3.94M (July 31) ➡️ -$2.36M (Aug 1) ➡️ -$177K (Today). Derivatives pressure is almost completely neutralized, and the 1-hour flow has flipped positive (+$599K). 4️⃣ Bullish Spot Divergence (The Most Important Metric) 12-Hour Spot Net Flow Progression: -$608K (July 31) ➡️ +$131K (Aug 1) ➡️ +$739K (Today). Despite a lower price screen, real spot buyers are stepping in and absorbing the selloff. 🎯 The Bottom Line Price action looks weak, but ONDO's foundation is repairing rapidly. Speculative excess is gone, funding is neutral, and spot demand is rising. **Today’s data is significantly more constructive than yesterday’s.

$Ondo Update: The data now shows the early stages of renewed upside participation. The next confirmation is a clean break above $0.42 while spot flow stays positive. ONDO is trading around $0.4168, up roughly 3.8% over 24 hours. Price has now moved from yesterday’s $0.4012 back toward the recent highs around $0.42. Now look, today’s update is not just about price being higher. The internal data has improved sharply compared with yesterday, especially across futures and spot flows. Leverage and Participation • Futures volume: $361.35 million • Spot volume: $64.66 million • Open interest: $209.48 million • Market cap: $2.01 billion Yesterday, open interest was around $192.5 million. Today, it has increased to approximately $209.5 million while price moved from $0.4012 to $0.4168. So leverage is rebuilding after the earlier flush. But the important difference is that this time, the broader flow data is supporting the rise rather than moving against it. Funding remains close to neutral after previously recovering from negative territory. That is still a constructive progression. Open interest is rising, but traders are not yet paying an excessive premium to hold their positions. Positioning • Binance accounts: 1.93 long-to-short • OKX accounts: 2.71 • Binance top traders by accounts: 1.92 • Binance top traders by positions: 1.88 The market remains long-biased, but the ratios are not accelerating dramatically. In fact, Binance positioning has eased slightly while price has moved higher. That is healthy. Price is advancing without traders becoming increasingly aggressive on the long side. Liquidations Over the last 24 hours: • Long liquidations: $194,990 • Short liquidations: $170,740 But the more recent windows tell us the pressure has shifted: Over the last 12 hours: • Long liquidations: $56,450 • Short liquidations: $104,120 Over the last four hours: • Long liquidations: $8,150 • Short liquidations: $62,260 So while the 24-hour total remains fairly balanced, the latest part of the move has been squeezing shorts. That matches the price action as ONDO pushed back toward $0.42. Futures Flow Has Reversed Yesterday, futures flow was negative across the broader windows. Today, that has changed materially. • 1 hour: -$776,000 • 4 hours: +$725,000 • 8 hours: +$1.02 million • 12 hours: +$1.01 million The one-hour reading is negative, but I am not overly concerned with that by itself. The four-, eight- and 12-hour windows have all turned positive. Yesterday, the 12-hour reading was approximately -$789,000. Today, it is roughly +$1.01 million. That is a meaningful reversal, not just a less-negative number. Spot Flow Has Improved Even More • 1 hour: +$17,000 • 4 hours: +$169,000 • 8 hours: +$185,000 • 12 hours: -$25,000 Now, compare that with yesterday: • Previous 12-hour spot flow: -$1.16 million • Current 12-hour spot flow: -$25,000 That is the trend I am focused on. Spot flow has moved from deeply negative to almost perfectly balanced, while the one-, four- and eight-hour windows are now positive. So I would no longer describe spot as a weakness. The spot condition has improved substantially, and buyers are beginning to show up across the shorter and intermediate windows. What I’m Looking to See I want ONDO to hold the $0.40–$0.405 area on any pullback. That is now the first area where I would expect buyers to defend the move. Above that, the immediate test remains around $0.42. A clean push through that level, with futures and spot flows remaining positive, would tell me the market is beginning another expansion rather than simply bouncing inside the recent range. I also want funding to remain near neutral. Open interest is rebuilding quickly, so the healthiest outcome is for price and spot demand to keep pace without funding becoming excessively positive. Bottom Line ONDO’s internal condition has improved materially from yesterday. Funding has progressed from negative toward neutral. Open interest was flushed, stabilized, and is now rebuilding alongside price. Futures flow has reversed from -$789,000 to approximately +$1.01 million over 12 hours. Spot flow has improved from -$1.16 million to nearly flat, while the shorter windows have turned positive. At the same time, recent liquidations have shifted toward shorts, and price has moved back toward $0.42. This is no longer just stabilization. The data now shows the early stages of renewed upside participation. The next confirmation is a clean break above $0.42 while spot flow stays positive and funding remains controlled but guys the macro back drop has to change for anything meaningful to happening. The good news is that WS is back in this thing so whenever macro gets better this will be the number 1 coin.

$Ondo seeing some REAL institutional buying. Spot and Derivatives. Today could be a breakout day if this continues!

(Part2) Full Read: ONDO is starting to look like it has real momentum behind it now as I said this very early AM; "I need more spot flows" and now we have them. This is no longer just a small bounce or a quick short squeeze. Price is holding near the highs, volume has expanded sharply, shorts are still getting squeezed, and spot buyers are finally beginning to show up in the shorter timeframes. Now, the move is still being led heavily by derivatives, and the long side remains crowded. But look, funding is still controlled, open interest is not exploding out of proportion, and participation is broadening across multiple exchanges. And so, the setup remains bullish. What I want to see next is the short-term improvement in spot demand carry over into the broader four-, eight-, and 12-hour windows. If that happens while ONDO keeps holding this range, the next leg becomes much more durable. What Has Improved • Price is holding near the highs rather than immediately rejecting. • Futures and spot volume both expanded. • Open interest increased at a manageable pace relative to volume. • Funding remains close to neutral. • Short liquidations continue to exceed long liquidations. • Spot flow has turned positive over the shortest windows. • Buying is spread across multiple exchanges. What Still Concerns Me • Futures volume remains far larger than spot volume. • Long-to-short ratios remain crowded. **See below • Four-, eight- and 12-hour spot flows are still negative. • Eight- and 12-hour futures flows are also negative. • Price is rising faster than the broader flow data is improving. • The move still depends partly on short covering and derivatives activity. **ONDO is heavily long-biased, but not yet showing the type of late-stage crowding associated with an exhausted rally. After months of selling, supply appears limited, funding remains controlled and open interest is rising much slower than volume. The current long imbalance is helping the recovery rather than warning that the move is already finished.** Exchange-Level Spot Activity The one-hour spot heatmap shows strong trading activity across several exchanges: • Upbit: $933,000 • Binance: $914,000 • Gate: $461,000 • Coinbase: $396,000 • OKX: $355,000 • Bybit: $315,000 The presence of Upbit and Coinbase is useful because it shows the move is not isolated to one offshore derivatives venue. However, net inflow is mixed by exchange: • Binance shows approximately -$134,000 • Bitget shows approximately -$49,000 • Gate shows approximately +$117,000 • Bybit shows approximately +$102,000 • Upbit shows approximately +$67,000 So there is real spot participation, but buyers and sellers are still fighting each other. It is not a clean, market-wide accumulation event. Spot Flow Analysis Spot flow has also improved sharply in the shortest windows: • 5 minutes: +$209,000 • 15 minutes: +$248,000 • 30 minutes: +$163,000 • 1 hour: +$40,000 But the longer windows remain negative: • 4 hours: -$377,000 • 8 hours: -$527,000 • 12 hours: -$1.69 million Now, this is better than the previous update because spot buyers are finally appearing in the immediate data. But the 12-hour number is still clearly negative, so I would not call this sustained spot accumulation yet.

$Ondo WS Open Summary (Part 1) ONDO remains bullish, and the quality of the move has improved. Volume is expanding, funding is controlled, open interest is not rising recklessly and short-term spot demand has finally returned. At the same time, I would not call this clean institutional-style accumulation yet. The longer-duration spot flow remains negative, the long side is still crowded and derivatives continue to dominate overall activity. The current condition is bullish with improving confirmation, but it is also reaching the point where the market needs sustained spot buying to keep the move healthy. The most important next development is whether the four- and 12-hour spot flows turn positive while ONDO continues holding above the $0.40–$0.41 area.