Cardano (ADA) gains momentum in whales’ accumulation alongside Bitcoin and Ethereum
In the last seven days, the crypto market has been witnessing a significant surge in whale activity, with Bitcoin (BTC), Ethereum (ETH) and Cardano (ADA) experiencing their highest levels of whale transactions in over three months.
The renowned on-chain crypto analytics platform Santiment revealed that the number of whale transactions for these leading cryptocurrencies has soared to levels unseen since July.
According to the data, Cardano, in particular, has seen a remarkable uptick in whale transactions, recording a staggering 16% increase in the past seven days. Similarly, Ethereum has witnessed a substantial surge of 14% in mega transactions involving ETH during the same period.
It is all about narrative
These unexpected spikes in whale activity come on the heels of a recent crypto market rally triggered by false news concerning a spot Bitcoin ETF.
While the news was later debunked, market participants and experts are still anticipating the arrival of official spot ETFs soon, shifting the sentiment to “risk-on” and causing notable price fluctuations.
It is crucial to note that the surge in whale transactions should not be directly linked to an imminent price surge. Large investors might be leveraging this opportunity to offload their holdings and take profits, leading to increased whale activity across the market.
Despite this, the developments highlight the growing interest of institutional players in cryptocurrencies like Bitcoin, Ethereum and Cardano, signaling a potential shift in the dynamics of the digital asset space.