Cardano Whales Buy ₱12.36 billion ($214 million) as ADA Crashes 71%
Whale and shark investors accumulated 819.4 million ADA worth ₱12.35 billion ($213.9 million) over six months, pushing their combined holdings to 1.6% of total ADA supply as the token crashed 71%.
Key Takeaway
Big money buying ADA's 71% crash suggests smart money expects recovery from multi-year lows.
Large Cardano investors accumulated 819.4 million ADA worth ₱12.35 billion ($213.9 million) over six months as the token crashed 71% from $0.90 to $0.26, according to Santiment, a market intelligence platform.
The buying spree pushed whale and shark holdings to 1.6% of total ADA supply as ADA retested the $0.25 price level. When investors buy during heightened volatility, it often suggests they're preparing for a long-term recovery beneath the surface, according to the data.
Market analyst Bitcoinsensus said Cardano is undergoing a multi-year correction range following the prior expansion cycle. He pointed to historical patterns where prolonged compression stages preceded big rallies, adding that this correction phase could repeat itself in a similar pattern. The chart shows early signs of higher timeframe momentum attempting to build, with major expansions historically following prolonged compression stages according to his analysis of Cardano's price structure.
ADA has posted persistent downside performance for months now. But whales and sharks remained unshaken by the pullback, continuing to accumulate through the decline, with Bitcoinsensus noting early momentum building on higher timeframes.
This article was written based on reporting from Bitcoinist.
