Crypto: Large Cardano holders reduce their exposure after ADA’s rebound
While the price of Cardano (ADA) attempted a breakout above $0.20, some of the players who discreetly move the crypto market quietly kept their tokens. Large Cardano wallets have reduced their positions, and technical indicators are starting to tell a far less optimistic story than the recent rally suggested.
The number of wallets holding between 1M and 10M ADA fell from 2,370 to 2,340 over 9 days, causing the price to drop from $0.202 to $0.188.
A death cross in the MVRV ratio and the TD Sequential sell signal technically confirm the early exit by large holders.
The Cardano Foundation has just voted in favor of the PRIME program, potentially injecting four times more ADA than what whales have withdrawn. A timing that raises doubts as much as it provides reassurance.
Cardano (ADA): a discreet exit that’s worrying?
Ali Martinez was the first crypto analyst to document the move. According to the data he published on August 11, the number of wallets holding between 1 million and 10 million ADA dropped from 2,370 to 2,340 in just nine days. In theory, the decline looks insignificant. In practice, it reflects coordinated profit-taking by actors who, historically, have a good track record of anticipating market reversals. And the market’s mechanics followed suit. ADA, which had hit a local high of $0.202, fell to $0.188 afterward. Two different technical indicators support the same conclusion:
A death cross in the MVRV ratio: the 7-day moving average of the MVRV ratio crossed downward, a classic signal of bullish momentum flipping;
$ADA
$CRI.US
$MVLLB
#ADA
While the price of Cardano (ADA) attempted a breakout above $0.20, some of the players who discreetly move the crypto market quietly kept their tokens. Large Cardano wallets have reduced their positions, and technical indicators are starting to tell a far less optimistic story than the recent rally suggested.
The number of wallets holding between 1M and 10M ADA fell from 2,370 to 2,340 over 9 days, causing the price to drop from $0.202 to $0.188.
A death cross in the MVRV ratio and the TD Sequential sell signal technically confirm the early exit by large holders.
The Cardano Foundation has just voted in favor of the PRIME program, potentially injecting four times more ADA than what whales have withdrawn. A timing that raises doubts as much as it provides reassurance.
Cardano (ADA): a discreet exit that’s worrying?
Ali Martinez was the first crypto analyst to document the move. According to the data he published on August 11, the number of wallets holding between 1 million and 10 million ADA dropped from 2,370 to 2,340 in just nine days. In theory, the decline looks insignificant. In practice, it reflects coordinated profit-taking by actors who, historically, have a good track record of anticipating market reversals. And the market’s mechanics followed suit. ADA, which had hit a local high of $0.202, fell to $0.188 afterward. Two different technical indicators support the same conclusion:
A death cross in the MVRV ratio: the 7-day moving average of the MVRV ratio crossed downward, a classic signal of bullish momentum flipping;
$ADA
$CRI.US
$MVLLB
#ADA