Whales buy $180 million worth of Cardano as the SEC extends its decision on ETFs.
Major cryptocurrency investors bought over 180 million Cardano (ADA) tokens in just one week. This massive accumulation comes as ADA's price faces downward pressure, trading at $0.7516 with a weekly decline of 6.53%.
Market watchers indicate that this whale activity often precedes significant price movements in the cryptocurrency market. This wave of buying comes amid increasing anticipation of regulatory developments surrounding the potential approval of the Cardano exchange-traded fund.
Community sentiment remains remarkably positive, with over 90% of investors expressing positive expectations for ADA's prospects.
■ Whale activity drives market interest despite ADA price struggles
Ali, a senior cryptocurrency analyst, reported the significant accumulation by whales on the social media platform X.
Data reveals that investors holding between 100 million and 1 billion ADA tokens have significantly increased their positions. This buying pattern has historically been linked to major price movements in Cardano markets.
Current Cardano price data shows ADA trading between $0.7316 and $0.8313 over the past week. The token faces immediate resistance at $0.762 and support at $0.7347. Despite the recent weekly decline of 6.53%, trading volume remains strong at $617,173,312 over 24 hours.
The performance of ADA's price lags behind the broader cryptocurrency market, which has only decreased by 1.90% weekly. Smart contract platform cryptocurrencies, direct competitors to Cardano, have only dropped by 0.10% during the same period.
The Cardanians platform, a leading community platform for Cardano, highlighted impressive confidence indicators from CoinMarketCap data. ADA is ranked as the second most voted cryptocurrency among the platform's users.
The positive confidence rate reached 91.9%, placing Cardano fourth among all cryptocurrencies in terms of positive investor expectations. This community confidence sharply contrasts with ADA's recent price movements.
Investors seem to be focusing on long-term potential rather than short-term market volatility. The divergence between price performance and overall sentiment indicates an underlying strength in Cardano's fundamental value.
The U.S. Securities and Exchange Commission (SEC) has extended the timeline for the Cardano exchange-traded fund until October 2025.
The SEC has extended the review period for Grayscale's Cardano exchange-traded fund beyond the deadline of May 29, 2025. The next decision deadline is set for August 27, 2025, which is 180 days after the original application date. The final deadline occurs on October 26, 2025, representing the absolute maximum review period of 240 days.
Grayscale submitted its proposal for the Cardano exchange-traded fund (Cardano ETF) on February 10, 2025, seeking to track the price of ADA through major exchange indicators. The proposed structure will allow investors to gain exposure to Cardano through traditional brokerage accounts without needing to hold ADA tokens directly.
The pattern of the SEC's extension reflects previous reviews of cryptocurrency exchange-traded funds, indicating a comprehensive assessment of market manipulation concerns and investor protection measures. Most cryptocurrency ETF applications utilize the full review period of 240 days before receiving final approval or rejection decisions.