Blockchain analytics firm Santiment is shedding some light on the behavior of Cardano’s biggest whales as ADA struggles to recapture the $1.00 mark.
A recent analysis revealed that despite the ADA token down nearly 60% from its all-time high, Cardano whales have once again had the highest percentage of available supply in the last two years.
Cardano whales are defined as any entity holding at least 10 million ADA in their wallets, equivalent to around $950,000 USD.
“Cardano is down -59% from its all-time high of $3.10. However, the main active whales (with more than 10 million ADA) returned to the highest percentage of supply in two years, at 46.6%. Please note that a large portion of these addresses belong to exchanges.”
The largest Cardano addresses have the highest percentage of ADA since 2020. Source: Santiment.
While the optimism of the whales can be seen favorably, the other side of the coin is that the millionaire whales own almost half of the realized supply of Cardano, 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 say what Excessive negative sentiment around ETH could signal a change in trend in the near future.
“There is a lot of pessimism circulating in cryptocurrency circles as market values continue to fall after the incredible run. Ethereum in particular has seen a ton of FUD [miedo, incertidumbre y duda] even before its price rises, and #buythedip opportunities may arise [comprar bajo]”.
Crypto community sentiment towards ETH. Source: Sentiment
Bitcoin traders walk away with profits
As to Bitcoin (BTC)the data analysis firm He says that as the top crypto asset by market cap has seen a price correction in recent days, most traders have managed to exit their positions with a profit, on average.
“Bitcoin’s crash to $39,400 yesterday saw a lot of trading for profit. Interestingly, these spikes usually occur as prices rise, and this was likely the trader’s capitulation just before a large amount of BTC was in territory. [de pérdida]”.
Twice as many profitable transactions were made than losing ones, marking the highest ratio since February 2021. Source: Santiment.
As for the gains of bitcoiners, a recent analysis by Glassnode showed that even among those who have yet to sell their positions amid the recent crash, three-quarters of bitcoin addresses still have unrealized gains.