Arthur Hayes-linked inflows plus negative on-chain metrics put ONDO’s $0.85 support at risk. Whale deposits of 26.28 million ONDO, including $6.19 million to Arthur Hayes’ wallet, raised fears of strong exchange-driven sell pressure. ONDO’s MVRV Z-score at -0.77 shows holders underwater, while an NVT Ratio above 25 highlights fragile demand and valuation risks.