Ondo Finance (ONDO) has experienced a price decline despite significant growth in tokenized assets. The market cap for tokenized funds reached $33.5 billion by April 2026, up from nearly $12 billion in early 2025, indicating a trend of structural adoption rather than speculative spikes. However, the ONDO token price fell from $0.463 at the start of the year to $0.2532, reflecting a disconnect between the platform's growth and the token's market performance. While Ondo Finance's Total Value Locked (TVL) increased to $3.567 billion, with $2.198 billion on Ethereum, and annualized fees reached $54.11 million, the token's value did not benefit. The lack of direct economic links to the token has resulted in a value-capture gap, where adoption and infrastructure growth do not translate into increased token demand. Capital flows have favored tokenized equities and ETFs, which have seen a rise in market cap, while ONDO's demand remains limited.