Recently, the funding rate of RWA's leader ONDO has shown an extremely severe negative value. This phenomenon should be related to the massive unlocking of up to 3.1 billion US dollars coming on January 18.
This unlocking amount even exceeds the current market capitalization of ONDO, which also includes over 500 million in private placements. Many investors choose to short on contracts to hedge, in order to lock in profits in advance, aiming to avoid potential losses from a sell-off that may be caused by the unlocking.