Franklin Templeton has arrived.

This traditional financial giant managing $1.7 trillion in assets recently announced a partnership with Ondo Finance to bring five ETFs onto the blockchain. From now on, investors can trade these funds 24/7, no longer limited by stock market hours.

As soon as the news broke, ONDO surged, rising nearly 8% in 24 hours, with the price returning to around $0.288.

But if you think this is a straightforward path to new highs, think again.

In the RWA (Real-World Asset) sector, ONDO is indeed the undisputed leader. It accounts for about 60% of the tokenized stock market, managing $2.68 billion in assets. Exchanges like Bitget have already launched its tokenized products. From U.S. Treasuries to stocks, and now ETFs, Ondo is transforming itself into a bridge connecting traditional finance and the crypto world.

However, behind the shiny fundamentals, the price is experiencing a tug-of-war.

The problem lies with the token itself. ONDO has a total supply of 10 billion tokens, with a significant portion held by early investors. These low-cost tokens are now entering the unlock period, and the pressure to cash out is like a stone pressing down on the price. On one side, there’s the positive news of major partnerships; on the other, continuous selling pressure. The market is caught in a typical divergence.

Optimists see a moat. Names like Franklin Templeton and BlackRock are not just anyone—they’re not easily included in partnership lists. In their view, short-term unlocks are just a passing breeze; after it blows through, true value will surface.

Cautious investors are watching the charts. No matter how good the story, if the circulating supply increases and buying volume lags behind, how can the price go up?

This is ONDO’s current situation—no problem with the project itself, no wrong direction, but the game of timing and chips makes progress difficult.

For onlookers, this might be a project worth adding to your watchlist. When to act depends on whether you believe in the long-term story or the short-term signals from the market.

After all, a good project is a good project, but what really makes you money is often the right rhythm. $ONDO ‌#比特币震荡走弱