Cardano whales are in the accumulation phase and hold the highest proportion of ADA in two years, Santiment analysis reveals;According to on-chain data company Santiment, Ethereum may be showing signs of reversal; Bitcoin’s decline, analysts showed that most traders took positions in profit. Blockchain analytics firm Santiment is shedding some light on the behavior of Cardano’s biggest whales as ADA struggles to regain the $1.00 mark. A recent review revealed that despite the ADA having dropped nearly 60% from its all-time high, Cardano’s whales once again had the highest percentage of available supply in the past two years. Cardano whales are defined as any entity that holds at least 10 million ADA in its portfolios, equivalent to R$43.7 million.
“Cardano is down -59% from its all-time high of $3.10. However, the top active whales (with more than 10 million ADA) returned to the highest percentage of supply held in two years, at 46.6%. Note that a large portion of these addresses belong to exchanges.”
Cardano’s largest addresses are holding the highest percentage of ADA since 2020. Source: Santiment. While the whales’ optimism may be viewed favorably, the other side of the coin is that millionaire whales are in possession of almost half of Cardano’s realized supply, which can be a risk.
Ethereum (ETH) signals reversal?
Looking at the rest of the altcoin market, Santiment puts the spotlight on Ethereum (ETH) and it says that excessive negative sentiment around ETH could signal a trend reversal in the near future.
“There is a lot of pessimism circulating in cryptocurrency circles as market values continue to fall after the incredible March. Ethereum in particular has seen a ton of FUD [medo, incerteza e dúvida] even before their price spike, and #buythedip opportunities [comprar na baixa] may arise.”
Crypto community sentiment towards ETH. Source: Santiment
Bitcoin traders exit in profit
About the Bitcoin (BTC), the data analytics company it says that, as the main crypto asset by market cap has seen price correction in recent days, most traders have managed to exit their positions in profit, on average.
“Bitcoin’s drop to $39,400 yesterday saw a huge amount of transactions to take a profit. Interestingly, these spikes typically happen as prices rise, and this was likely the trader’s capitulation just before a lot of BTC was in bullish territory. [prejuízo].”
Twice as many transactions took place on profit than on loss, which marks the highest proportion since February 2021. Source: Santiment. On bitcoiners’ earnings, a recent analysis by Glassnode showed that even among those who still haven’t sold their positions amid the recent slump, three-quarters of bitcoin addresses are still in unrealized earnings.
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