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$ONDO｜One of the few truly grounded projects in the RWA sector The RWA sector is a mixed bag, with most projects stuck at the PPT storytelling stage. ONDO is one that has genuinely launched products and established institutional partnerships. Catalyst for implementation: BlackRock partnership product launch, market directly reacts Yesterday, Ondo officially launched Ondo Intelligent Portfolios, leveraging BlackRock's model strategies, releasing three major portfolio products: BLKHI, BLKDIG, and BLKGRW. After the news broke, the token price surged nearly 30% in a single day. Additional key points: BlackRock provides the portfolio strategy blueprint, while Ondo is fully responsible for product issuance, tokenization, and on-chain operations. The sector share firmly holds second place, with tokenized US Treasury products generating real yields The tokenized US Treasury sector has an overall scale of $15 billion, with Ondo holding about $2.7 billion, ranking second in the sector. Its two core products, USDY and OUSG, are anchored in short-term US Treasuries, capable of continuously delivering real on-chain yields—not just empty paper narratives. This is the core foundation for Ondo's foothold in RWA. On-chain capital structure differentiation, spot market whales continue accumulating A total of 75 whale wallets on-chain have net inflows of $23.7 million. Total capital inflow is $52 million, outflow $28 million; whale buying volume is nearly double the selling volume, with large holders steadily accumulating positions. Derivatives side sees a weekly net outflow of $34 million; spot market is accumulating while futures leverage funds are withdrawing. This structural differentiation is relatively healthy.