Crypto market information analytics agency Kaiko Analysis is warning that one real-world asset (RWA) undertaking may stay bearish for 2 predominant causes.
In a brand new report, Kaiko Analysis says that Ondo Finance (ONDO) is dropping momentum after the hype round RWA initiatives 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 Device signifies that 67.5% of merchants and buyers 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 high funds embrace Franklin Templeton’s FBOXX, Ondo Finance’s OUSG and USDY, and Hashnote’s USYC. Every fund presents yields in keeping with the Fed funds price.
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 most important buying and selling surge, coinciding with its collaboration announcement with BlackRock’s BUIDL.
ONDO’s worth hit a document excessive of $1.56 in June amid hovering BUIDL inflows and rising curiosity in on-chain funds.
Nevertheless, hype has since waned, and inflows might face headwinds because the US price surroundings 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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