Recently, the funding rate of the leading RWA ONDO has shown an extremely severe negative state. This phenomenon should be related to the massive $3.1 billion unlock coming on January 18.

This unlock amount even exceeds the current circulating market value of ONDO, which also includes over $500 million from private placements. Many investors choose to short on contracts for hedging, in order to lock in profits early, aiming to avoid losses that may result from the potential dumping caused by the unlock.