A large amount of ONDO withdrawals, including a recent Coinbase transfer of 14.34 million USD, continue to reduce available supply, indicating that the market is inclined towards strategic holding rather than urgent selling. The price trend remains confined within a descending channel between 0.33 USD and 0.38 USD, with momentum indicators showing market hesitation. Nevertheless, spot buyers are actively absorbing selling pressure, and recent liquidation data shows that a significant number of short positions are being cleared. The imbalance in liquidation levels suggests that if the price approaches the 0.35 USD to 0.37 USD range, there may be short-term upward risk, indicating that the market is in a calm phase of accumulation and building positions.

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