Crypto market knowledge analytics agency Kaiko Analysis is warning that one real-world asset (RWA) venture may stay bearish for 2 principal causes.
In a brand new report, Kaiko Analysis says that Ondo Finance (ONDO) is shedding momentum after the hype round RWA tasks has died down.
The agency additionally warns that anticipated Fed rate of interest cuts in September may additional dry up funding inflows into Ondo Finance.
CME’s FedWatch Software signifies that 67.5% of merchants and traders predict the Fed to chop rates of interest by 25 foundation factors subsequent month.
“Most of those funds put money into short-term US debt devices. Different prime funds embody Franklin Templeton’s FBOXX, Ondo Finance’s OUSG and USDY, and Hashnote’s USYC. Every fund provides yields according to the Fed funds charge.
Because the hype round these tokenized funds rose, each on-chain flows and the secondary marketplace for associated tokens noticed elevated exercise. Ondo Finance’s governance token, ONDO, skilled the biggest buying and selling surge, coinciding with its collaboration announcement with BlackRock’s BUIDL.
ONDO’s worth hit a file excessive of $1.56 in June amid hovering BUIDL inflows and rising curiosity in on-chain funds.
Nonetheless, hype has since waned, and inflows might face headwinds because the US charge setting modifications.”
Ondo is buying and selling for $0.67 at time of writing. The 77th-ranked crypto asset by market cap is down 1.8% within the final 24 hours.
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