Blockchain analytics firm Santiment has shed light on the behavior of Cardano’s biggest whales as ADA struggles to reclaim $1.00.
Santiment says ADA whales have the largest percentage of available supply in the past two years, even though Cardano is down nearly 60% from its all-time high. announced. (Cardano whales are defined as wallets holding at least 10 million ADA in their wallets.)
“Cardano is down 59% since its all-time high of $3.10. However, the asset’s largest whales (with ADA of 10 million and above) have returned to the highest percentage of supply at 46.6% in two years. Note that most of these addresses belong to exchanges.”
Looking at the rest of the altcoin market, Santiment points to Ethereum (ETH) and says that the extreme negative sentiment surrounding ETH may change in the near future.
“After the incredible March, there is a lot of bearish expectation floating around in crypto circles as market values continue to drop. Ethereum, in particular, has seen heavy FUD even before the price increase and #diptensbuy opportunities may arise.”
As for Bitcoin (BTC), the analytics firm says that while the leading crypto asset by market cap has been correcting in recent days, most traders have managed to come out with profits on average.
“With Bitcoin falling to $39.4k yesterday, massive profits were made. Interestingly, these spikes often occur when prices are rising, and this was most likely trader capitulation just before many BTCs were in negative profit territory.”
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.