Big players in the crypto world, the “whales,” are making some interesting moves, and it’s giving us clues about where the market might be headed. Let’s dive into what’s happening with Ethereum (ETH) and Cardano (ADA).
ETH Whales Are Selling, ADA Whales Are Buying
Recently, analyst Joao Wedson shared some insightful data. He looked at the top 100 wallets holding ETH and ADA. This helps us see if big investors are buying or selling.
For ETH, the top 100 wallets have been selling off. Since May, their share of the total ETH supply has dropped from 22% to about 19.6%, representing a decrease of 2.9 million ETH.
On the flip side, the top 100 ADA wallets have been steadily buying more ADA. This suggests confidence in Cardano’s future.
What Does It All Mean?
Wedson points out that while some of these large wallets are associated with exchanges, the overall trend is clear: big players seem to be favoring Cardano right now. Following these whales’ actions can be a useful indicator of future market trends.
Current Prices (At Time of Writing)
- Ethereum (ETH):
Roughly $3,766 (up 0.6% in the last 24 hours, up over 3% in the last week).
- Cardano (ADA): Roughly $0.8297 (up 0.6% in the last 24 hours, down about 1.5% in the last week).
While both ETH and ADA saw slight price increases in the last 24 hours, the longer-term trend shows a different story, with the whale activity suggesting a potential shift in market sentiment.