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Cardano’s (ADA) Biggest Whales Flip Back to Accumulation Mode, Hold Record Percentage of ADA: Santiment

by Daily Hodl Staff
April 12, 2022
in Altcoins

Blockchain analytics firm Santiment is shedding some light on the behavior of Cardano’s biggest whales as ADA struggles to reclaim the $1.00 mark.

Santiment says that despite Cardano being down nearly 60% from its all-time high, ADA whales are back to owning the largest percentage of available supply in the past two years.

Cardano whales are defined as any entity holding at least 10 million ADA in their wallets.

“Cardano is down -59% since its $3.10 all-time high. However, the asset’s top whales (holding 10M+ ADA) have returned to their largest percentage of supply held in two years, at 46.6%. Note that a large portion of these addresses are owned by exchanges.”

Image
Source: Santiment/Twitter

Looking at the rest of the altcoin market, Santiment puts the spotlight on Ethereum (ETH) and says that excessive negative sentiment surrounding ETH could signal a trend reversal in the near future.

“There is a whole lot of bearishness circulating in crypto circles as market caps continue to drop following the incredible March. Ethereum, in particular, has seen a ton of FUD even prior to its price rally, and #buythedip opportunities may arise.”

Image
Source: Santiment/Twitter

As for Bitcoin (BTC), the insights firm says that as the leading crypto asset by market cap corrected in recent days, most traders managed to get out at a profit, on average.

“Bitcoin’s drop to $39.4k yesterday saw a massive amount of profit-taking transactions. Interestingly, these spikes typically happen while prices rise, and this was likely trader capitulation right before many BTC would be in negative profit territory.”

Image
Source: Santiment/Twitter
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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