Whales are gobbling up a red-hot crypto project that’s focused on tokenizing real-world assets (RWAs).

The crypto tracker Lookonchain notes that one whale withdrew 6.53 million ONDO, the native token of Ondo Finance, from the crypto exchange Bybit over the past month.

That trove is worth more than $6 million.

Ondo Finance aims to provide institutional-grade financial products and services via a public blockchain by tokenizing RWAs and developing financial protocols that integrate those tokens.

Lookonchain also notes that a different whale withdrew 1.98 million ONDO worth nearly $1.83 million from the crypto exchange Gate.io over a one-hour period on Sunday.

A third whale also withdrew 937,600 ONDO worth $864,867 from Gate.io a few hours before that, according to the blockchain tracker.

ONDO is trading at $0.922 at time of writing. The 91st-ranked crypto asset by market cap is up more than 8% in the past 24 hours and nearly 124% in the past week. The token also set a new all-time high of $0.9702 early Monday morning, according to CoinGecko.

Lookonchain also notes that a whale deposited 11,275 Ethereum (ETH) worth $37.4 million to the top crypto exchange Binance at a loss of approximately $500,000 over the weekend. The whale then made moves to buy back into the second-ranked crypto asset after its price went up.

Explains the blockchain tracker,

“As the price of ETH increased, he withdrew 9,092 ETH ($31.7 million) from Binance… and borrowed 18 million USDT to buy more ETH.”

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