Unexpected whale activity: Cardano broke the record of 3 months
Over the last one week, the crypto market has witnessed a significant increase in whale activity.
Over the last one week, the crypto market has witnessed a significant increase in whale activity. Bitcoin (BTC), Ethereum (ETH) and Cardano (ADA) recorded their highest whale transaction levels in over three months.
Not seen since July
Famous on-chain crypto analysis platform Santiment has revealed that the number of whale transactions for these leading cryptocurrencies has increased to levels not seen since July.
According to data, Cardano in particular has seen a notable rise in whale transactions, recording a staggering 16 percent increase in the last seven days. Similarly, Ethereum also witnessed a significant 14 percent increase in mega transactions involving ETH during the same period.
These unexpected increases in whale activity come on the heels of a recent crypto market rally triggered by false news regarding the spot Bitcoin ETF. Although the news was later denied, market participants and experts still expect the official spot ETFs to arrive soon, making sentiment ârisk-onâ and causing notable price fluctuations.
On the other hand, it is worth noting that the increase in whale transactions should not be directly attributed to an imminent price increase. Large investors may be taking advantage of this opportunity to divest their holdings and make a profit, leading to increased whale activity across the market. Despite this, the developments highlight the increasing interest of institutional investors in cryptocurrencies such as Bitcoin, Ethereum and Cardano and signal a potential shift in the dynamics of the digital asset space.
**It is not investment advice.
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