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Cryptocurrency trader and analyst Ali Martinez has shared with the crypto community that whales have been dumping ADA, disposing of massive amounts of Cardano’s native coin.
This coin sell-off aligned with a 4.35% ADA price decline as it fell from $0.84. However, over the past 24 hours, Cardano’s native crypto asset has almost managed to compensate for its losses in a significant rise.
Whales unload 50,000,000 ADA
Ali shared a Santiment chart, showing a substantial decline in ADA holdings of whales over the past two days as they got rid of 50,000,000 ADA. The chart reveals that those were wallets holding between 1,000,000 and 10,000,000 ADA coins each.
This was a time when ADA nosedived from $0.84 to land at the $0.80 level. However, over the past day, the coin’s price reversed, soaring by 3.51%. A small red candle has followed this surge on an hourly chart, taking ADA down a little. At press time, the coin is changing hands at $0.8304.
The $0.84 mark is the price level that ADA has been struggling to overcome over the past week. However, this resistance remains untaken and the coin is getting pushed back. However, ADA continues its tenacious attempts to break above this resistance and turn it into support.
Grayscale files for Cardano ETF
Approximately a week ago, Chinese crypto journalist and insider Colin Wu spread the word about Grayscale filing for an ADA-based exchange-traded fund (ETF).
Grayscale submitted an S-1 registration with the SEC for Cardano and Polkadot ETFs together. The planned Cardano ETF ticker for trading on NYSE Arca is GADA.
This signifies the growing institutional interest in crypto-based trading products after the staggering success of the Bitcoin and Ethereum spot ETFs approved in January 2024.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team