📉📈 Ethereum whales are selling, Cardano whales are buying — is there a quiet market reversal?
In addition to holding digital assets, crypto wallets provide market movements. Whale wallets tell us more interesting stories. The transactions of these addresses often indicate market sentiment by sending quiet hints about future movements.
Ethereum whales are slowly leaving, Cardano giants are entering
The CEO and founder of Alfractals, Joao Wydson, posted on X about the divergence of Ethereum and Cardano whales.
The metrics of the share of top holders of Ethereum and Cardano in the top 100 show how much of the total supply of Ethereum and Cardano is held by the largest wallets. This statistic helps determine whether large coin holders are accumulating or distributing coins.
In his post on X, Wydson noted that the top 100 holders of Ethereum have been steadily reducing their holdings. Since May, their supply of Ethereum has decreased from 22% to 19.6%, according to the researcher. During that period, the holdings of large investors in Ethereum decreased by 2.9 million.
However, Wydson said that the top 100 holders of Cardano are "continuously accumulating daily." He said this shows confidence in the currency and may indicate a smart setup for bullish preparations.
The cryptocurrency commentator said that these massive addresses are linked to exchanges, although Cardano has now become more attractive. "Based on the behavior of the big players, Cardano seems more appealing right now," Wydson added.
Wydson reiterated the importance of tracking the movements of these giants in the crypto world, which may indicate market trends.
Ethereum, the "king of altcoins," rose by 0.6% to reach $3,766 in 24 hours. CoinGecko reports that Ethereum has achieved an increase of over 3% in the past week.
In contrast, Cardano is valued at $0.8297, up 0.6% in 24 hours. Cardano's activities over the past 7 days have also been unremarkable, losing 1.5% of its value.
