Cardano Whale Addresses Continue To Fall, What Does This Mean For ADA Price?

After a mild rally, the price of ADA has followed the trajectory of other cryptocurrencies; yet, Cardano whales still persist in dampening the positive price action. Evidence to this phenomenon can be seen in decreased whale wallet holdings, as observed by data from IntoTheBlock. According to this source, large whales with balances between 1 million and 10 million ADA have expressed their market sentiment through their investments. Between September and October, these wallets have registered a total balance decrease of 220 million ADA tokens, falling from 5.63 billion to 5.41 billion. Conversely, large holders with balances between 10 million and 100 million ADA have gambled their investments in the opposite manner, increasing their total balances from 11.81 billion to 12.26 billion ADA tokens.

The disparity between the two cohorts has materialized into an eminent transferal of 300 million ADA from those with between 1 million and 10 million ADA to the wallets with between 10 million and 100 million ADA. This ongoing bear market has reflected regardless over the cryptocurrency ranking, with ADA disrupting the otherwise remarkable top 10 crypto profit margin chart. Here, only 6% of ADA holders have recorded profitable positions, whilst the rest — 91.76% (4.09 million) – have sustained losses, with 2.06% (91,990) still breaking even.

At present, ADA is priced at ~0.25, far from its previously achieved all-time-high of $3.10. In spite of the prices downturn, ADA has still maintained its global ranking as the 8th-biggest crypto with a overalliture market cap of $8.88 billion.

Robert Wilson author
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