Ondo Finance founder Nathan Allman has died, the company said in a post on X on Tuesday, without disclosing the cause.

“It is with profound sadness that we announce the unexpected passing of Nathan Allman, Ondo’s founder. Our hearts are with his family and loved ones,” the company said. “Nate’s brilliance, humility, and drive shaped every part of what Ondo is today. His belief in the power of technology to create a more open, accessible financial system lives on in everything we build.”

Ian De Bode, Ondo’s longtime president who has led strategy, product, and day-to-day operations for over two years, will serve as CEO. De Bode has the full confidence of the leadership team, the company said.

Allman, a Brown University graduate, founded Ondo in 2021 after working on Goldman Sachs’ digital assets team. Under his leadership, Ondo became a pioneer in tokenized real-world assets, growing total value locked to $3.5 billion.

Major products launched during his tenure include USDY, a yield-bearing stablecoin, OUSG, a tokenized U.S. Treasury fund, and tokenized equities through Ondo Global Markets.

The company said it would continue building what Allman started as the most meaningful way to honor him.

The combined market value of all stablecoins has hit a record high of $322 billion, dwarfing the foreign exchange reserves of 95 countries, including several developed countries.

As of now, their combined market cap is bigger than the FX reserves of Poland, Thailand, Mexico, and developed economies such as the United Kingdom, Canada and even the oil-exporting giant United Arab Emirates.

In essence, the amount of dollars and other fiat currencies held by users outside traditional banking channels now exceeds the official FX reserves, a sovereign protective cover against external economic shocks, of most nations.

Stablecoins are tokenized versions of fiat currencies issued on blockchain. Their values are pegged 1:1 to the U.S. dollar or other currencies such as the euro, yen, Swiss franc and others. Their combined market cap has grown multi-fold in recent years, with most activity concentrated in dollar-pegged coins such as tether USDT$0.9994 and USD Coin (USDC).

The growth is evidence of how fast capital is migrating to blockchain rails.

Foreign exchange (FX) reserves are the dollars, euros, yen, and gold that central banks hold as a buffer to stabilize their currencies, pay foreign debts, and finance energy and other imports. Only 14 nations, led by China, Japan, Russia, India, Taiwan and Germany, hold more FX reserves than the market value of stablecoins.

Double-edged sword

Stablecoins are widely used for trading cryptocurrencies. They allow users to exit volatile tokens without converting back to fiat currencies. For DeFi protocols, they serve as the settlement layer, and for cross-border payments, they provide a faster, cheaper way to move money across borders while bypassing legacy banking channels.

“The use of stablecoins in cross-border payments has grown, notably in corridors where legacy correspondent banking is slow or costly,” a recently released Bank of International Settlements report said. “Cross-border stablecoin flows have grown substantially since 2022, with particularly pronounced activity in regions experiencing high inflation and exchange rate volatility.”

But the ease of moving money comes with a risk.

Stablecoin transactions can trigger capital outflows, leaving already vulnerable current account deficit countries exposed to fiat-currency depreciation.

“Increases in stablecoin flows are associated with subsequent domestic currency depreciation, deviations from covered interest parity and widening wedges between stablecoin-implied and official exchange rates in segmented markets (Aldasoro et al (2026)),” the BIS said.

“These patterns are consistent with stablecoins enabling circumvention of capital controls and providing a relatively frictionless mechanism for EMDE residents to shift savings into dollar-denominated instruments,” the bank added.

This article was updated with a post from Lookonchain.

Ethereum price has slipped into a bearish rounded top structure as institutional outflows, leveraged shorts, and weakening momentum pressure the token below $2,150.

According to data from crypto.news, Ethereum (ETH) price was trading near $2,115 at press time after falling nearly 12% over the past seven days. The token briefly rebounded from the psychological $2,000 support zone as traders continued rotating capital into Bitcoin while risk appetite across altcoins weakened.

Part of the recent selling pressure emerged immediately after the U.S. Senate Banking Committee advanced the CLARITY Act on May 19. Instead of fueling a sustained rally, the regulatory breakthrough triggered a major sell-the-news reaction across Ethereum markets as traders locked in profits following weeks of speculative positioning ahead of the vote.

Institutional sentiment deteriorated further after JPMorgan published a bearish report warning that Ethereum’s future upgrades, including Glamsterdam and Hegotá, could continue weakening the network’s fee-burning mechanism.

Analysts at the bank argued that falling Layer-2 transaction costs were reducing ETH burn activity enough to keep the asset structurally inflationary rather than deflationary, a thesis that damaged confidence among large investors.

At the same time, spot Ethereum ETFs in the United States recorded their tenth consecutive trading session of net outflows on Friday. Data compiled by SoSoValue shows that over the past week, roughly $215 million exited the funds. The persistent selling streak removed a major source of buy-side liquidity just as Bitcoin continued attracting institutional inflows.

On-chain data also signaled weakening conviction among large holders. Whale addresses holding significant ETH balances reportedly dropped from around 1,100 to nearly 1,030 during the correction period.

Meanwhile, the ETH/BTC ratio slid toward 0.027, its lowest level this year, highlighting Ethereum’s underperformance relative to Bitcoin as investors increasingly favored the safer large-cap asset.

Outside crypto markets, easing tensions between the United States and Iran briefly improved sentiment across risk assets after both sides reportedly discussed a temporary ceasefire framework and partial reopening of the Strait of Hormuz.

Oil prices retreated 5$ to $91 on Monday following the headlines, reducing immediate inflation concerns and helping Ethereum stabilize above $2,000 after several sessions of aggressive liquidation-driven selling.

Is Ethereum forming a major bearish reversal pattern?

On the daily chart, Ethereum has formed what appears to be a bearish rounded top pattern stretching from mid-April into late May. The structure developed after ETH failed multiple times to sustain momentum above the $2,400 region, gradually transitioning from higher highs into a curved distribution pattern before breaking lower.

The rounded top neckline around $2,150 has now flipped into immediate resistance. Ethereum attempted to reclaim that level during the latest rebound but sellers quickly rejected the move, reinforcing bearish control over short-term price action.

Technical indicators continue leaning negative. Ethereum remains below the Supertrend resistance near $2,318 while also trading under the 50-day moving average around $2,264. The longer-term 200-day moving average near $2,541 continues sloping downward, showing that the broader trend remains weak despite temporary relief rallies.

A breakdown projection from the rounded top pattern points toward a possible move into the $1,850–$1,900 range if sellers regain momentum. That target aligns with the lower support zone visible on the chart from February’s consolidation period.

Meanwhile, liquidation data from CoinGlass shows heavy leverage concentration between $2,150 and $2,170, creating a major liquidity barrier directly above current price levels. Bright liquidation clusters in that region suggest many short positions could be forced out if ETH successfully reclaims resistance, potentially triggering a short squeeze toward $2,250.

Still, downside liquidity remains substantial below $2,050 and near the $2,000 psychological level. A decisive breakdown beneath those zones could accelerate long liquidations and intensify volatility across perpetual futures markets.

Blockchain tracking platform Lookonchain revealed that a trader recently opened a massive 23x leveraged Ethereum short position worth more than $100 million. According to the post, the position involved roughly 47,600 ETH with a liquidation price near $2,149, placing the trade directly around Ethereum’s current resistance cluster.

Nathan Allman, the founder and CEO of Ondo Finance and a leading light in the tokenization of real-world assets, has died at age 32. Ondo confirmed the loss in a post on X, expressing profound sadness and offering thoughts to Allman’s family and loved ones.

Ondo described Allman as the architect of the company’s mission to reshape finance through open, accessible technology. The firm credited him with driving the tokenization of billions of dollars in traditional assets and building a community of investors around on-chain representations of real-world assets. According to Ondo, the on-chain stack now includes about $3.86 billion in tokenized real-world assets across U.S. Treasuries, stocks, and commodities, with more than 111,680 token holders owning a tokenized RWA issued by Ondo. The company also noted that leadership transitions will occur in the wake of Allman’s passing, while his influence remains embedded in the project’s ongoing work.

Allman’s impact extended beyond Ondo. He previously led the firm’s early efforts in tokenized assets after a stint in Goldman Sachs’ digital asset team. Before joining Ondo, he founded ChainStreet Capital, a crypto hedge fund focused on algorithmic, event-driven trading. Ondo said that its president, Ian De Bode, would assume the role of CEO, with the company stressing that Allman’s mission would continue to guide its development. De Bode described the moment as deeply painful for the Ondo family, while affirming the team’s commitment to executing with excellence in Allman’s memory.

Key takeaways

• Nathan Allman, founder and CEO of Ondo Finance, died unexpectedly at 32, according to a company post on X.
• Ondo says Allman helped bring $3.86 billion worth of tokenized real-world assets on-chain, spanning U.S. Treasuries, stocks, and commodities, with over 111,680 token holders of Ondo-issued RWA tokens.
• Leadership transition: Ondo’s president, Ian De Bode, will become CEO as the company continues Allman’s mission and strategy.
• Allman’s career traced from Goldman Sachs’ digital asset team to founding Ondo and, previously, ChainStreet Capital, a crypto hedge fund.
• The tokenization movement, which Allman helped propel, continues to attract attention from large institutions and funds, including coverage of Wall Street interest in tokenized assets, though details about cause of death remain private.

From Goldman to Ondo: a founder’s path into tokenized finance

Allman’s professional arc reflects a bridge between traditional finance and blockchain-based tokenization. His early work with Goldman Sachs’ digital assets group positioned him at the intersection of regulated markets and cutting-edge technology. The jump to founding Ondo in 2021 found him at the forefront of a sector that aims to bring real-world assets onto public blockchains, enabling on-chain trading, settlement, and fractional ownership. Ondo’s initiatives during his tenure included tokenizing government and corporate securities and expanding access to assets through tokenized structures that could, in theory, offer improved liquidity and accessibility for a broader investor base.

BeyondOndo, Allman’s prior venture, ChainStreet Capital, reflected an emphasis on algorithmic and event-driven strategies within the crypto hedge fund space. His background and approach helped shape a narrative in which traditional assets could be represented and traded on-chain, aligning with broader industry pushback against opaque, opaque intermediaries and toward more open, automated, and auditable markets.

Leadership transitions and what comes next for Ondo

Ondo announced that its president, Ian De Bode, would assume the CEO role in light of Allman’s passing. De Bode told Cointelegraph that the company is grappling with an incredibly sad day and emphasized the personal connection to Allman, describing him as a close friend as well as a founder and visionary. “Nate’s mission has not changed,” De Bode said. “If Nate were here, he would want to continue executing with excellence. We will make him proud.”

In a separate voice, Ondo’s head of marketing and vice president, Ben Grossman, hailed Allman as a “once-in-a-generation founder and visionary” whose contributions helped shape the industry and who would be deeply missed. The company declined to disclose further details about the circumstances of Allman’s death, noting that the family has requested privacy at this time.

The broader implications: tokenization, regulation, and market momentum

Allman’s work placed Ondo at the center of a broader movement toward tokenized real-world assets (RWAs) that has drawn attention from established financial institutions. The idea that tokenized stocks, bonds, and other assets could trade with greater efficiency and transparency has been a persistent theme in industry circles, with large players expressing interest in the potential for improved settlement speed and accessibility. The tokenization wave has also intersected with policy scrutiny and regulatory considerations, as authorities weigh how tokenized RWAs should be treated within existing securities and commodities frameworks.

As the market observes Ondo’s trajectory under new leadership, readers should watch for indications of how the platform plans to scale its tokenized RWA offerings, manage risk around custody and settlement, and engage with potential institutional partners. The broader market remains attentive to whether the software and governance frameworks underpinning tokenized assets can sustain rapid growth amid ongoing regulatory conversations and the evolving appetite of traditional asset managers.

The death of a founder with a lasting imprint on the tokenization narrative inevitably raises questions about future momentum. While De Bode and the Ondo team have pledged continuity and commitment to Nate Allman’s mission, the path ahead will test the resilience of a space still crystallizing its regulatory footing and real-world utility. What remains certain is that Allman’s work helped catalyze a movement that continues to attract both investor interest and institutional curiosity, shaping how markets think about on-chain access to real-world assets.

As Ondo navigates this leadership transition, market watchers will be watching for concrete signals: new product releases or partnerships that extend tokenized RWA access, updates on risk controls surrounding on-chain collateral, and any shifts in governance that might reflect Allman’s ongoing influence. In the near term, the industry’s attention will likely focus on how the platform maintains liquidity, handling of custody, and compliance pathways as it scales the tokenization framework that Allman championed.

A Satoshi-era Bitcoin whale has transferred more than $200 million worth of BTC to crypto trading firms FalconX and Cumberland as exchange inflows and ETF outflows continue drawing attention across the market.

According to blockchain analytics provider Onchain Lens, citing Arkham data, the dormant whale moved 2,650 BTC, valued at roughly $203 million, to FalconX and Cumberland through three separate transactions on Sunday.

Data shared by the analytics firm showed the address still holds nearly 6,000 BTC, currently worth around $462 million.

Whale transfers to FalconX and Cumberland. Source: Arkham Intelligence.

Although the transfers do not confirm an immediate sale, large wallet activations tied to early Bitcoin holders often attract market attention because traders watch for signs of additional supply entering the market. 

Transfers to firms such as FalconX and Cumberland can sometimes be linked to over-the-counter transactions designed to avoid disrupting spot prices on public exchanges.

However, retail traders frequently interpret dormant whale activity as a bearish signal regardless of whether the coins are sold directly into the market. As such, concerns surrounding a possible liquidity event could increase precautionary selling and expose Bitcoin to another test of the recent $74,600 support level.

Whale transfers emerge as exchange inflows continue rising

The latest whale transaction has appeared during a period of growing concern over rising Bitcoin inflows to exchanges and trading desks.

Earlier this month, another dormant Bitcoin address moved 500 BTC worth about $40.6 million after remaining inactive for more than 12 years. Separately, a different whale transferred nearly $20 million in BTC to Binance last month.

As previously reported by crypto.news CryptoQuant analyst Darkfost said Binance recorded almost 10 consecutive days of elevated Bitcoin inflows. 

Binance’s weekly average BTC inflows climbed from 378 BTC on May 16 to 1,190 BTC in less than 10 days.

Darkfost also reported that Binance registered a daily inflow exceeding 3,600 BTC on May 18, while exchange reserves increased from 616,000 BTC on April 24 to 632,000 BTC within one month.

According to the analyst, investors typically move Bitcoin onto exchanges when preparing to sell, reduce exposure, or secure profits during periods of uncertainty. Darkfost linked the inflow trend to market weakness tied to geopolitical tensions and softer appetite for risk assets.

Spot Bitcoin ETFs have also recorded sustained withdrawals during the same period. Crypto.news previously reported that U.S.-listed spot Bitcoin ETFs logged net outflows for six straight trading sessions between May 15 and May 22, with total redemptions reaching $1.26 billion across 11 funds.

While analytics platform Santiment said past ETF outflow streaks have occasionally appeared before long-term accumulation phases, the firm added that weaker ETF demand combined with rising exchange inflows can reduce visible buyer support in the short term.

Bitcoin (BTC) traded around $77,220 at the time of reporting, according to crypto.news price data. After briefly falling to nearly $74,600 on Saturday, the asset recovered modestly but remained well below its October 2025 all-time high near $124,900.

Render rose to $2.25 on May 26, gaining 13.16% over 24 hours and 24.16% over seven days, according to crypto.news price data. 

The token traded between $1.99 and $2.26 during the same 24-hour period, while trading volume stood at $219.35 million.

The move came as Santiment reported a sharp rise in Render’s on-chain activity. The analytics platform said daily active addresses climbed to 394 in one day, while 118 new wallets were created. Both figures reached their highest levels in 12 weeks.

Santiment said “Render’s on-chain activity has seen a major breakout in late May.” The firm added that the token moved back above $2.25 for the first time in more than four months.

The increase in active addresses shows that more wallets used the network during the move. The rise in new wallets also points to fresh users entering the Render ecosystem during the latest price rebound.

AI demand keeps Render in focus

Render has remained closely tied to the artificial intelligence trade because its network supports decentralized GPU computing. The project connects users who need computing power with distributed GPU providers that can process rendering, machine learning, and AI-related workloads.

Santiment linked much of Render’s 2026 momentum to demand for AI infrastructure. It said Render has positioned itself as a decentralized GPU computing network that can support AI training, machine learning, and advanced rendering tasks.

That theme also fits broader crypto.news coverage of AI-linked tokens. A previous crypto.news report described Render as a token linked to GPU scarcity and decentralized rendering demand, noting that the market often connects RNDR with AI compute and distributed GPU use cases.

The same report also noted that Render can benefit when investors focus on persistent GPU bottlenecks and distributed rendering power. However, it also listed competition from cloud providers and other DePIN GPU networks as a risk for the sector.

Bollinger Bands show a stretched breakout

Technical data showed Render trading above the upper Bollinger Band at $2.176. The middle band stood near $1.944, while the lower band was around $1.712.

A move above the upper band often shows strong short-term buying pressure. It can also mean the move is stretched if buyers fail to hold the breakout zone. For Render, the $2.17 to $2.18 area now serves as the first key level to watch.

If Render stays above that range, the breakout structure remains active. A clean push above $2.27 would give buyers stronger confirmation because it would clear the recent high area.

If price falls back below $2.17, the setup would weaken. In that case, the middle Bollinger Band near $1.94 would become the next major support zone on the daily chart.

Volume also increased during the upward move. The chart showed volume near 2.49 million, which supported the breakout attempt. Still, volume did not reach the kind of extreme level seen during larger past moves.

The Aroon Oscillator stood at 50, showing positive momentum but not full trend strength. The recovery from negative territory showed that buyers had regained short-term control.

Derivatives data shows stronger trader interest

Derivatives data added another layer to Render’s move. According to Coinglass data, trading volume rose 126.52% to $302.39 million, while open interest increased 47.27% to $112.82 million.

Rising open interest means more futures positions were active during the move. When open interest climbs with price, it often shows that traders are adding exposure instead of only closing old positions.

This does not confirm that all new positions are bullish. It only shows that more capital has entered Render-linked derivatives markets. That makes the next price move more important because crowded positioning can raise volatility.

Render’s market capitalization stood at $1.16 billion, with a fully diluted valuation of $1.20 billion. The token ranked #63 by market cap, while its circulating supply stood at 518.74 million tokens.

Despite the latest rally, Render remained far below its all-time high of $13.53, set on Mar. 17, 2024. crypto.news data also showed that Render was still down 53.61% over the past year, even after gaining 24.71% over the past 30 days.

The current setup leaves Render at a clear short-term test. On-chain activity has improved, AI demand remains part of the market story, and derivatives activity has expanded. Price now needs to hold above the breakout zone to keep the rebound intact.

OKX’s Ethereum-compatible Layer 2 network X Layer has introduced Exchange OS, a protocol upgrade that lets developers, institutions, and ecosystem teams deploy their own trading venues. 

The system supports spot markets, perpetual markets, and outcome markets using infrastructure tied to OKX’s exchange stack.

The X Layer team said “Exchange OS is designed to address one of the biggest structural limitations in onchain finance today: fragmented infrastructure.” The upgrade aims to place exchange functions such as matching, margining, liquidation, settlement, and risk controls closer to the protocol layer.

Builders can launch custom markets

Exchange OS is designed to let venue operators choose their own assets, oracle systems, revenue models, market structures, and compliance settings. A regulated institution could build a KYC-enabled venue, while a Web3-native team could run a permissionless market on the same shared infrastructure.

Nathan Allman, the founder and CEO of Ondo Finance and one of the pioneers of blockchain tokenization, has died aged 32.

“It is with profound sadness that we announce the unexpected passing of Nathan Allman, Ondo’s founder,” Ondo Finance said in an X post on Monday. “Our hearts are with his family and loved ones.”

“Nate’s brilliance, humility, and drive shaped every part of what Ondo is today,” Ondo said. “His belief in the power of technology to create a more open, accessible financial system lives on in everything we build. The impact he had on this industry, and on all of us personally, cannot be overstated.”

Allman was key in helping Ondo bring $3.86 billion worth of tokenized real-world assets on-chain in the form of US Treasuries, stocks and commodities. More than 111,680 token holders own a tokenized RWA issued by Ondo.

Nathan Allman (left) speaking at the Ninth Annual Fintech Conference in Philadelphia in November. Source: YouTube

The tokenization movement that Allman contributed to by founding Ondo in 2021 helped capture the attention of Wall Street giants such as BlackRock, who see potential in the technology to make trading and settlement more efficient.

Allman previously worked in Goldman Sachs’ digital asset team prior to founding Ondo. Before that, he founded the crypto hedge fund ChainStreet Capital, which focused on algorithmic, event-driven trading.

Ondo said that the company’s president, Ian De Bode, would serve as CEO.

“It’s been an incredibly sad day for Ondo Finance,” De Bode told Cointelegraph. “Nate was not only an incredible founder and visionary, but also a very close personal friend. He will be missed dearly.”

“The mission of Ondo, Nate’s mission, has not changed,” he added. “If Nate were here, he would want to continue executing with excellence. We will make him proud.”

Ondo vice president and head of marketing, Ben Grossman, said Allman “was a once-in-a-generation founder and visionary. He was absolutely brilliant, with a vision and drive that shaped the industry and everyone around him. He will be enormously missed.”

Ondo did not share further details on Allman’s death. An Ondo spokesperson said that Allman’s family has requested privacy at this time.

XRP spent weeks tightening into a narrow range, but the market finally started leaning lower after another failed push above resistance near $1.36. The move matters because repeated tests of support tend to weaken buyers over time, and XRP is now drifting back toward the same $1.30 area traders have treated as the line between consolidation and broader breakdown risk.

News Background

• Analysts remain split on XRP’s structure, with some calling the latest move a confirmed triangle breakdown while others still frame it as late-stage compression before a larger breakout.

• CME Group is preparing to launch 24/7 XRP-linked futures trading later this month, adding another layer of institutional exposure to the token.

• Whale activity also cooled sharply during the period, with large transaction counts falling more than 57% over nine days.

Price Action Summary

• XRP fell from $1.3457 to $1.3366 during the 24-hour session while trading inside a relatively tight 1.9% range.
• The largest move came after a failed breakout attempt near $1.3620, where elevated volume quickly reversed into selling pressure.
• XRP later broke below the $1.35 level and consolidated near session lows around $1.336 into the close.

Technical Analysis

• The breakdown below $1.35 reinforced short-term bearish momentum after weeks of tightening price action.
• XRP is now trading beneath several key moving averages, while resistance near $1.36 continues to reject upside attempts.
• Some analysts view the recent move as a confirmed symmetrical triangle breakdown with downside risk toward $1.14.
• Others still argue the broader structure resembles compression rather than outright collapse, especially while XRP remains above the critical $1.30 support area.

What traders should watch

• $1.30-$1.31 is now the key support zone. Losing it would likely accelerate downside momentum.
• $1.35 becomes the immediate resistance area XRP needs to reclaim to stabilize near-term structure.
• CME’s upcoming XRP futures launch could increase volatility and improve liquidity once trading begins later this month.