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Crypto analyst and trader Ali Martinez, known on the X social media network under the @ali_charts alias, has shared on-chain data taken from CryptoQuant about whales selling more than a giant 270 million ADA coins over the past week.
Whales unload 270,000,000+ ADA
This massive sell-off conducted by wallets, which hold between 1,000,000 and 10,000,000 ADA, aligned with a sharp 14% decline faced by the ADA price between June 12 and 13 as the coin’s price crashed from $0.7258 to $0.6231. By now, the price has shown a slight rebound, rising to reach $0.6421.
ADA, along with the entire cryptocurrency market, followed the world’s largest cryptocurrency, Bitcoin, as it sharply went down by almost 4.3% and came crashing down from the $108,325 price level. At press time, BTC is changing hands slightly above the $105,000 mark.
The sell-off occurred as what looks to be an act of profit-taking after the ADA price by 17.26% over the past week, spiking from $0.6199 to $0.7268.
Cardano ETF approval odds soar to 75%
This week, Bloomberg updated the chances of spot cryptocurrency ETFs being approved this year. Among those ETFs was one based on the ADA spot price – it has been risen to 75%.
The odds of LTC and SOL ETFs have increased to 90%, while those for Dogecoin and XRP ETFs now equal 80%.
Besides, ADA and the other aforementioned cryptocurrencies are now viewed as digital commodities and not securities, according to Bloomberg.
U.Today Editorial Team
Vladislav Sopov