Coinbase-backed Ondo Finance (ONDO) has emerged as a frontrunner among Ethereum (ETH) plays, surging in price and popularity amid spot Ethereum ETF approvals by the US SEC.

Why is Ondo Trending?

Crypto traders are calling Ondo the “strongest Ethereum beta” due to its potential to benefit from rising ETH prices. This is fueled by speculation that a spot Ethereum ETF is on the horizon, mirroring the recent approval of a Bitcoin ETF.

Ondo Finance recently shifted its backing assets to BlackRock’s BUIDL tokenized fund, aligning with CEO Larry Fink’s focus on tokenization. This move strengthens Ondo’s connection to a major financial player and the broader trend of tokenized assets.

On-chain data from DeFiLlama shows Ondo’s total value locked (TVL) hitting an all-time high of $453 million, indicating growing investor confidence. Additionally, IntoTheBlock data reveals a surge in large transaction volume and a high percentage of profitable holders, suggesting bullish sentiment.

Coinbase Integration and Price Performance

Coinbase’s recent addition of Ondo to its perpetual markets has boosted trading activity and accessibility for users. The price of ONDO has jumped nearly 14% in the last 24 hours and 25% over the past week, reflecting positive market response. It’s currently trading near its all-time high.

ONDO/USD Technical Analysis

Technical analysis suggests a potential breakout for Ondo, with some analysts predicting a rise towards $1.25. However, failure to surpass the all-time high could lead to a correction.

The current Fear & Greed Index at 74 indicates Greed, which might signal a potential market overcorrection.