Is the Latest Proposal from Charles Hoskinson Prompting Cardano Whales to Offload ADA?

Large investors in Cardano (ADA), known as "whales," have started to sell off significant amounts of the cryptocurrency, leading to notable volatility in its price. This behavior change was reported by crypto analyst Ali Martinez who revealed that over 270 million ADA, worth over $170 million, was sold by these entities in just a week.

While geopolitical tensions can partly explain this sell-off, Charles Hoskinson's recent proposal to exchange $100 million worth of ADA for Bitcoin and stablecoins to boost the network's DeFi capabilities is also considered a potential reason. Despite mixed responses to his proposal, Hoskinson has denied that this move will lead to increased selling pressure on ADA, citing sufficient institutional demand to cover potential pressure.