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.”
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.”
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.”
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