- Cardano whales have accumulated over 200 million ADA tokens in the last 48 hours.
- The on-chain data shows these large holders were actively buying during the recent price dip.
- A long-term trend of ADA leaving exchanges for private wallets also continues.
Cardano (ADA) whales are on a buying spree, scooping up over 200 million tokens in just the last 48 hours. On-chain data shows this accumulation comes from addresses holding between 100 million and 1 billion ADA, and they’ve been adding to their bags since late July, notably buying into the recent price pullback.
In the final week of July, these addresses ramped up their buying even as ADA’s price dropped from its mid-month highs toward a low of $0.72. This trend of buying the dip continued into the first week of August, pushing large-holder balances to their highest point and helping to fuel the subsequent price rebound toward the $0.80 range.
Not the first time. This whale buying has been going on for a while. Here’s our previous report on a massive 180 Million ADA accumulation.
At the time of writing, ADA traded at $0.8210, up 1.91% over the past 24 hours. The token’s market cap stood at $29.08 billion, though its 24-hour trading volume of $1.09 billion was down 6.26% from the previous day.
Spot Exchange Outflows Maintain Dominance
According to Coinglass data, spot inflow and outflow data show a continuing pattern of negative netflows for ADA, with more tokens moving out of exchanges than entering. This trend has been seen since mid-October, when ADA recovered from $0.26 to over $0.35.
Despite short inflow peaks, especially in late February, when more than $100 million entered exchanges, negative netflows resumed. The February inflows coincided with a short-lived price peak above $0.70 before the market went back. From March through May, ADA’s price moved between $0.40 and $0.55, with outflows continuing to dominate.
During late June and July, ADA approached $0.90 before retreating. This move occurred alongside mixed but predominantly negative netflows, suggesting a preference for off-exchange holding. As of early August, netflows remain moderately negative while the token trades near $0.82.
But why are they buying? It’s not just about the chart. Here’s a deep dive into one whale’s thesis on Cardano’s long-term strength.
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