Market Sentiment and ONDO's Business Model
The sentiment surrounding ONDO has been notably negative for weeks, characterized by flat price action and a lack of interest from the broader crypto community. Even significant developments, such as the European Union's approval of tokenized stocks and ETFs for over 500 million people, which directly benefits ONDO's core business model, have been met with silence. According to analyst Sarosh, this apathy is not a reflection of ONDO's underlying fundamentals but rather a consequence of the prevailing macro economic environment.
Sarosh argues that many holders are misinterpreting the current situation. The absence of price movement has led to the perception that ONDO is underperforming or has lost its momentum. However, the fundamental narrative has remained positive, with continuous global expansion of its infrastructure, formation of new partnerships, and a steady accumulation of regulatory wins. Treasury growth has not abated, and the narrative around tokenized assets has gained significant strength, particularly with Europe's embrace of the sector. The primary missing element, according to this perspective, is liquidity.
Macroeconomic Impact on Crypto Assets
Sarosh's analysis emphasizes that the current market conditions, rather than ONDO's specific performance, are the primary drivers of stagnation. He asserts that macroeconomic factors such as tariffs, liquidity freezes, bond stress, SOFR spikes, and the most aggressive risk-off sentiment seen since early 2022 have suppressed capital-dependent sectors within the cryptocurrency market. This environment has impacted all assets, not just ONDO, suggesting that the lack of price movement is an environmental issue, not a fundamental failure of the project. During extended periods of liquidity contraction, even fundamentally strong projects tend to remain stagnant, and a decline in market sentiment can lead to the assumption that no development is occurring behind the scenes.
Everyone hates $ONDO right now, I get it. Price is dead, sentiment is dead, CT has had it with Ondo, and nobody gives a damn about another “approval” headline — even when it’s the EU signing off on offering tokenized stocks and ETFs to 500 million people.
— Sarosh (@SaroshQ2022) November 18, 2025
That’s the funny part.…
The Cycle of Market Repricing
A key aspect of Sarosh's argument is that significant market movements typically occur not when fundamentals are actively being discussed, but in the period *after* fundamentals have improved and liquidity conditions begin to reverse. He suggests that assets that have experienced substantial gains this year did not do so due to ongoing hype, but rather because their prices were previously depressed, their circulating supply was low, and quiet accumulation had been occurring for months without widespread attention. When a catalyst eventually emerged, the price action was rapid, often concluding before the broader market could react. By the time Crypto Twitter took notice, the upward move was largely complete.
Sarosh posits that ONDO is currently in a similar position. Its fundamentals have seen consistent improvement for nearly a year, yet its price has not reflected this progress. The recent EU approval, in particular, places ONDO at the forefront of a significant regulatory shift in the tokenized asset space. Instead of acknowledging this fundamental progress, retail investors are reportedly focusing solely on price action, overlooking the underlying development work.
He further warns that the subsequent repricing of ONDO's value may not be gradual. When liquidity conditions improve, the market is expected to price in twelve months of previously ignored fundamental developments in a concentrated and aggressive move. Traders who attempt to chase these rapid price increases are likely to be late, mirroring the pattern observed in previous stealth accumulation plays over the past two years.
Long-Term Outlook for Tokenized Assets
There is a discernible truth in Sarosh's perspective regarding the broader market dynamics. The infrastructure supporting tokenized assets is experiencing global expansion, with ONDO strategically positioned within this growth trend. While current market conditions are broadly suppressing most assets, macroeconomic cycles are not permanent. Historical market behavior indicates that the most potent rallies often originate in environments characterized by the lowest sentiment and minimal investor attention.
Ultimately, the critical question is not whether ONDO has achieved sufficient milestones. According to analysts like Sarosh, the real question for investors is their willingness to accumulate ONDO during this period of negative sentiment. The expectation is that once liquidity conditions shift, the price movement will be significantly faster than any changes in market opinion.