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Bitcoin’s recent pullback has pushed the market back into a structural liquidity gap created during last year’s post-election rally, setting the stage for a potential reversal once derivatives pressure eases, according to 10X Research.Speaking at Consensus Hong Kong, Markus Thielen said Bitcoin’s sharp advance following the November 2024 U.S. election left behind a “liquidity vacuum” that is now influencing downside price action.“After the November 2024 election, Bitcoin surged from $70,000 to $90,000 in just 10 to 12 days,” Thielen said. “Trading activity during this process was very sparse, creating a huge gap — a liquidity vacuum zone.”Liquidity gap amplifies downside movesAccording to Thielen, when Bitcoin later fell back to around $87,000, prices entered this thinly traded zone, increasing vulnerability to sharp declines. The sell-off intensified near $75,000, where derivatives positioning added further pressure.“At the $75,000 level, a large amount of negative option gamma appeared,” he said. “That forced market makers to hedge by continuously selling futures.”Negative gamma conditions typically compel dealers to sell into falling prices, amplifying downside volatility and accelerating declines.$60K seen as key inflection pointThielen said the most recent leg lower toward $60,000 reflects the final phase of this gamma-driven adjustment. Once that pressure is absorbed, market dynamics could shift.“As the last wave of negative gamma impact is digested at $60,000, the market situation may reverse,” he said.The analysis suggests that Bitcoin’s recent weakness may be more structural than sentiment-driven, tied to prior liquidity conditions and derivatives positioning rather than a fresh deterioration in fundamentals. If gamma effects fade as expected, 10X Research sees scope for stabilization or a rebound from current levels.

Crypto Jargon posted on X. A Bitcoin wallet that had been inactive for nearly seven years has recently moved 2,043 BTC. These coins were initially acquired around February 2019. The wallet, which previously held up to 39,000 BTC, has connections traced back to Cumberland. There is no indication of the intent behind this transfer.

The (Ondo) ONDO price is heating up after 21Shares filed a spot ETF that could bring Wall Street money straight into the token. The application names Coinbase as custodian, targets a Nasdaq listing, and could face an SEC decision between late February and April.

However, Ondo is pushing deeper into tokenized finance, unveiling plans for an on-chain prime brokerage system and leading a tokenized equities market that is closing in on the $1 billion mark.

The biggest takeaway from the 21Shares filing is access. If a spot ONDO ETF gets approved, it opens the door for institutions to gain exposure without touching crypto exchanges directly.

That kind of structure has already reshaped Bitcoin and Ethereum flows, and Ondo could become the first RWA token to see similar attention. Even before approval, the filing itself signals that large players are watching the sector closely.

BREAKING: 21Shares Files Spot $ONDO ETF with SECOne of the first ETF applications for a Real-World Asset platform token!Key Details:► Filed: Feb 6, 2026► Custody: Coinbase► Listing: Nasdaq► Timeline: Late Feb – April 2026Why It Matters: Could open institutional… pic.twitter.com/IXGjrkuucw

— Crypto Patel (@CryptoPatel) February 7, 2026

Ondo Is Building a Full Financial Stack

Ondo has also been expanding beyond tokenized treasuries. The project outlined a vision that includes perpetual futures, deeper liquidity systems, and partnerships aimed at building a complete on-chain financial ecosystem.

This matters because it gives Ondo (ONDO) more than just narrative value. It ties the token to a growing infrastructure layer for real-world finance moving on-chain.

Another major tailwind is the tokenized equities market. That sector is approaching a $1 billion milestone, and Ondo holds more than half of the market’s value.

As demand grows for blockchain-based access to stocks and regulated assets, Ondo is positioned as one of the main platforms already capturing real usage.

Read Also: Worldcoin (WLD) Price Hits the “Last Line of Support” – Here’s Why Traders Are Watching for a Surge

ONDO Price Levels to Watch Next

ONDO is trading near $0.2593 and still stuck below key resistance. The first level that matters is $0.30, since clearing it would put buyers back in control.

A move above $0.32 sets up a run toward $0.38, and if institutions step in harder, $0.45 comes into view. On the flip side, a drop under $0.25 could send the ONDO price down to $0.22.

Right now, ONDO is sitting on a knife edge, with the ETF story in play and tokenized assets gaining real traction in the background.

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The post What Happens to Ondo (ONDO) Price If Institutions Start Buying Through an ETF? appeared first on CaptainAltcoin.