Ondo Finance token sinks 9.0% in a sharp Thursday sell-off

Ondo Finance token sinks 9.0% in a sharp Thursday afternoon sell-off

Ondo Finance ($ONDO) traded at $0.373 at 12:39 p.m. ET on Nov. 5, down 9.0% in 24 hours as a U.S. stock sell-off hit crypto.

The quick take

Price: $0.373, down 9.0% in 24 hours and 12.9% in seven days.
Trigger: A sharp sell-off in U.S. tech stocks spilled into crypto in the first hours of U.S. trading.
Watch: Whether $ONDO holds above its 24-hour low of $0.368.

What happened

The Ondo Finance token sinks 9.0% on Thursday as a sell-off in U.S. stocks spreads to crypto. Ondo Finance ($ONDO) traded at $0.373 at 12:39 p.m. ET, according to CoinGecko.

The token moved between $0.368 and $0.416 over the past 24 hours. Over seven days it is down 12.9%. LiveCoinWatch showed a matching price of $0.374, down 8.8% in a day.

Most of the drop came fast. On Binance’s ONDO/USDT pair, hourly closes slid from $0.399 at 9 a.m. ET to $0.372 at 11 a.m. ET. Before that, the token held between $0.40 and $0.41 for most of the past day.

Why it moved

No project news explains the move. The newest post on Ondo Finance’s blog is a Nov. 4 comment letter on SEC transfer agent rules.

The drop matched a wider retreat. The Nasdaq Composite lost more than 4%, Cointelegraph reported, while Decrypt put the fall at nearly 4%. Both outlets tied it to tech stocks giving back their gains after the U.S. midterm elections.

Decrypt said about nine in ten of the 100 largest cryptocurrencies were down. Bitcoin ($BTC) traded at $75,897, down 5.3%, and Ether ($ETH) at $2,251, down 7.0%, per LiveCoinWatch at 12:40 p.m. ET.

Who’s buying and selling

Forced selling added to the slide. Cointelegraph, citing CoinGlass, said nearly $500 million in crypto positions were wiped out in the first hour of U.S. trading. Decrypt counted about $428 million in long positions closed within one hour.

Trading in $ONDO stayed busy. CoinGecko counted $150.8 million in 24-hour volume, against a market value of about $1.8 billion.

What to watch next

The first test is whether $ONDO can stay above its 24-hour low of $0.368. U.S. stocks led Thursday’s move, so their next sessions matter too. The token still trades 82.6% below its record high of $2.14 from December 2024, per CoinGecko.

Bottom line: Ondo Finance fell harder than Bitcoin on Thursday, but the trigger was a market-wide sell-off, not news from the project.