The Cardano price has come under significant bearish pressure over the past week, falling more than 12%. This recent drop coincides with a broader downturn in the cryptocurrency market, where other major altcoins have suffered significant losses over the past week.
In particular, the fall in Cardano's price is largely due to the recent sale of its entire stake in #ADA by the Grayscale Digital Large Cap Fund (GDLC): on Thursday, April 4, the fund decided to rebalance its portfolio, and its stake in #Cardano (about 1.6% of its total holdings) announced the liquidation of its holdings in Cardano (about 1.6% of its total holdings).
This negative start to April, following March's disappointing results, failed to quell growing investor concerns. Moreover, recent data on the blockchain suggests that Cardano's price may continue to succumb to bearish pressure.
Popular #cryptocurrency critic Ali Martinez shared a report on website X that whales Cardano has barely moved in the market over the past few days. The revelation is based on Santiment's Whale Transaction Count index, which tracks the number of ADA transactions worth more than $1 million.
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Whales are entities or individuals who own large amounts of a particular cryptocurrency, in this case Cardano. They are often considered important players in the market, as their trading activity has a significant impact on the price of Cardano and can lead to speculation and potential market shifts.
According to Martinez, blockchain data shows a noticeable decrease in Cardano whale activity, suggesting that significant ADA trading may be on the decline. In a near-vertical move, the number of Whale transactions fell from about 400 per day early last week to 200 per day on Friday, April 5.
Crypto analysts noted that the recent decline in whale activity could be a signal of "further price consolidation" or an imminent drop in Cardano prices.
Indeed, the Cardano token started the year strongly, reaching a high of $ 0.8 in early March.
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