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Ondo Finance, backed by Pantera Capital, hits an all-time high
Ondo Finance’s ONDO gained nearly 20% following news that the U.S. securities regulator approved Ethereum spot exchange-traded funds.
Ondo Financea tokenized real-world asset (RWA) platform backed by Pantera Capital, witnessed a remarkable rise in its ONDO token, which soared almost 20% to reach an all-time high of $1.16. This increase follows the decision of the United States Securities and Exchange Commission (SECOND) approving Ethereum spot exchange traded funds (AND F), fueling market expectations for a future rally.
ONDO price in USD | Source: CoinMarketCap
The precise reason for ONDO’s rapid rise remains somewhat ambiguous, but the platform’s strategic partnerships with major financial institutions, like black rockmay have influenced investor sentiment.
At the end of March, Ondo Finance transferred $95 million of its assets to BlackRock’s tokenized fund, BUIDL, to facilitate instant settlements of its US Treasury-backed token, OUSG. While it is unlikely that this specific transaction directly triggered ONDO’s recent price movement, the association with BlackRock appears to have boosted ONDO holders’ confidence regarding the token’s prospects.
BlackRock, known as the dominant force in the spot crypto ETF market, owns the largest share of spot Bitcoin ETFs, even outpacing the micro-strategy in Bitcoin accumulation for its iShares Bitcoin ETF (IBIT) in just a short time. of time. BlackRock also filed for a Spot Ethereum ETF, which was recently approved by the US financial watchdog.
The SEC’s approval of Ethereum spot ETFs has fueled speculation within the crypto community about the potential for more altcoin-focused ETFs, particularly for tokens linked to BlackRock. However, so far, the SEC has not given any indication on approving a spot altcoin ETF.
Nonetheless, Bloomberg analyst James Seyffart already suggested the possibility for other tokens, such as Solana, to eventually get their own spot ETFs. According to Seyffart, the selection of altcoins for ETFs will depend on investor demand, although he predicts that a Solana Spot ETF may not materialize for several years, given that the SEC is “not dancing around the status of SOL as if it had ETH”.