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

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.

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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.”

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.”

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.

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“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.”

Source: Santiment/Twitter

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