Cardano whales grabbed 190 million ADA in March, which is the first upward movement since 2021
The largest Cardano addresses on the network have accumulated around 200 million coins according to the most recent data from Saniment. This data should be refreshing for ADA holders who have seen seven months of dumping.
As the provided on-chain metric suggests, ADA whales were actively selling their holdings since December 2021 while the trend changed only a couple of weeks ago. The shift in the trend is most likely tied to the massive oversold levels of Cardano.
The massive growth of the DeFi industry also followed the shift in funds movement on whale addresses, as Cardano’s TVL surpassed $300 million in funds locked across various platforms and smart contracts.
Cardano price performance divergence
While whales are actively staking ADA, the price of the underlying Cardano asset does not seem to gain any traction, according to the daily chart provided by TradingView. As the chart suggests, ADA has lost 35% of its value since the local high reached on April 1.
But while the divergence with the current distribution of whale funds in the market can be clearly seen, the correlation between the same metric and the price action of ADA in the August-April range is perfectly consistent with the movement of the funds in large ADA portfolios.
Such a trend shows strong control over ADA by whales as their price performance dictates the movement of the coin. The retail trading volume that we saw back in March and April does not seem to change the long-term direction of Cardano.
