Cardano Whales Yet to Buy Back After Offloading 330M ADA Despite Market Rebound: Heres Why
Cardano whales have offloaded 330 million ADA, showing reluctance to buy back despite a market rebound, signaling a bearish outlook.Cardano (ADA) has faced increasing bearish pressure since December, struggling to maintain its bullish momentum. The crypto attempted to push past the $1.23 resistance level but failed to sustain upward movement, leading to a retreat. Meanwhile, ADA recently regained traction amid a broader market rebound, recording an 8.36% increase in the past 24 hours. As of the latest update, Cardano is trading at $0.7636.Declining Cardano Whale HoldingsAn analysis by Ali Martinez confirms the bearish behavior among large Cardano holders. Wallets containing between 100 million and 1 billion ADA have reduced their holdings substantially. The analysis indicates that these whales offloaded over 330 million ADA over the last two days. He shared a chart illustrating a clear downtrend in whale holdings since mid-January.Martinez noted that these major holders have yet to re-accumulate ADA after massively dumping the token amid the global trade war on Monday. Their reluctance to buyback suggests a lack of confidence in ADAs short-term performance.Shifts in Ownership DistributionA separate chart from IntoTheBlock provides insights into the shifting ownership structure of Cardano. The data reveals changes in holdings among whales, investors, and retail traders. Whales, identified as the most influential holders, reduced their ADA ownership by 1.68%. Their peak participation coincided with previous market rallies, such as the 2021 bull run, but has since declined steadily.
Text source: The Crypto Basic
