May 24, 2024 9:31 AM | 2 min read
Ondo Finance (CRYPTO: ONDO) is rising after spot approval Ethereum (CRYPTO: ETH) ETF has led traders to expect further gains for ONDO.
what happened: Cryptocurrency traders with the most followers Airo In his latest tweet, he noted that the real-world assets sector is “one of the biggest beneficiaries of the Spot ETH ETF approval.” He added that the approval is a green light for the tokenization of all assets on Ethereum. Chain link (CRYPTO: LINK) and ONDO as “the two big ways to bet on this.”
Popular Crypto Traders Jere ONDO is the first news story after the ETF, highlighting the investment in ONDO.
He believes ONDO is “well positioned to take advantage of the RWA trend that BlackRock is aggressively pursuing.”
Another cryptocurrency trader also had a bullish prediction for ONDO.
Also read: Crypto rises 12% on new asset tokenization milestone, analyst says it’s a ‘once in a lifetime opportunity’
Why is this important: According to data from Coingecko, the market capitalization of RWA-related cryptocurrencies has increased by 3.3% in the past 24 hours, trading at a combined valuation of $8.6 billion. The biggest gainer was Ondo Finance, which saw its price increase by 15% on trading volume of $403 million in the same period.
Daily active addresses increased by 16%, while transactions of over $100,000 nearly doubled from the previous day to 145. At current levels, 100% of Ondo users are profiting, while large holders are 92% concentrated, according to IntoTheBlock data.
ONDO contributed $195 million. Black RockBUIDL, the first on-chain fund, has $448 million in assets under management.
What’s next?: Ethereum’s impact as an institutional asset class will be explored in depth at Benzinga’s “The Future of Digital Assets” event on November 19th.
Read next: Trader warns that Bitcoin retail interest “will not pick up in this bull market”
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