Cardano (ADA) gets traction in whales’ portfolios in addition to Ethereum and Bitcoin
The cryptocurrency market has seen a notable increase in whale activity over the past seven days, with the number of whale transactions on Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) reaching their highest points in more than three months.
According to Santiment, a well-known on-chain crypto analytics tool, the volume of whale transactions for these top cryptocurrencies has increased to levels not seen since July.
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As to the statistics, Cardano has experienced a noteworthy surge in whale transactions, with a whopping 16% spike in the last seven days. Comparably, over the same time frame, Ethereum saw a notable 14% increase in large transactions using ETH. It’s all about the story.
Following a recent surge in the cryptocurrency market caused by fictitious reports of a spot Bitcoin ETF, there have been unanticipated increases in whale behaviour.
Even if the report was later refuted, analysts and market players continue to predict the introduction of official spot ETFs in the near future, which has caused a noticeable change in mood to “risk-on” and significant price swings.
It is important to remember that there is no reason to associate the spike in whale transactions with an impending price increase. A rise in whale activity throughout the market may be caused by large investors using this chance to liquidate their holdings and reap gains.
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In spite of this, the events show how institutional investors are becoming more interested in cryptocurrencies like Cardano, Ethereum, and Bitcoin, which might mean a change in the dynamics of the digital asset market.
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