14.02.2025 19:45
**Cardano Whales Stir Market Activity with 70 Million ADA Transfers**
In a flurry of whale activity, over 70 million Cardano [ADA] tokens have been shifted among whales within the past 96 hours, sending ripples through the market and igniting speculation. This surge in large-scale transactions coincides with Grayscale Investments' application for a Cardano Spot Exchange-Traded Fund (ETF), raising questions about the potential correlation.
Technical analyst Ali Martinez revealed that the 70 million ADA tokens were moved by whales holding between 1 million and 10 million ADA. This significant shift in whale holdings accompanies a broader decline in ADA's price. While such movements often indicate institutional positioning, the intent behind these transactions remains uncertain.
Amidst the anticipation surrounding Grayscale's Cardano Spot ETF application, these large-scale transfers could signal strategic positioning by major players. If accumulation is the primary motive, ADA's price could potentially find stability or experience a rebound. However, sustained selling pressure could lead to further price depreciation.
Grayscale's push into the altcoin ETF market with a Cardano Spot ETF, if approved by the Securities and Exchange Commission (SEC), would mark their first dedicated investment vehicle for ADA. This move aims to provide both institutional and retail investors with exposure to Cardano without the complexities associated with direct ownership. As a testament to the growing institutional interest in Cardano, the fund will store its ADA assets under the custody of Coinbase Custody Trust Company, with BNY Mellon Asset Servicing handling administrative operations.
