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Mr.Arshman

06/23 10:23

Cardano slides 11% but whales load up 370M ADA in

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Cardano ($ADA) is trading at $0.160 on Monday, following a sharp 11% decline over the past week. While on-chain data suggests some large holders are accumulating during the dip, derivatives market indicators continue to signal caution, limiting expectations for a near-term recovery. The divergence between spot accumulation and derivatives sentiment highlights growing uncertainty around $ADA’s short-term direction. On-chain data from Santiment shows that select large holders increased their $ADA exposure during the recent sell-off. Wallets holding between 10 million and 100 million $ADA accumulated approximately 370 million tokens since June 15, signaling sustained interest from the largest cohort of investors. In contrast, wallets holding between 100,000 and 1 million $ADA, along with those in the 1 million to 10 million range, reduced their holdings by a combined 10 million tokens over the same period. This split suggests a divergence in behavior among whale cohorts: while mid-sized large holders appear to have reduced exposure during the downturn, the largest holders took advantage of lower prices to accumulate. Although this “buy-the-dip” activity may support longer-term sentiment, it has not been strong enough to reverse $ADA’s immediate downtrend. Signals from the derivatives market remain inconsistent, pointing to indecision among traders. Cardano’s long-to-short ratio, tracked by CoinGlass, stands at 0.65—approaching its lowest level in over a month. A reading below 1 typically indicates bearish sentiment, with more traders positioning for further downside. However, funding rate data present a more balanced picture. $ADA’s open interest-weighted funding rate has turned slightly positive at 0.0050%, suggesting that long positions are beginning to pay shorts, a signal often associated with mild bullish bias. Toget
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