Cardano whale transactions surged to a 12-month peak last week as large wallet holders continued to offload ADA at a loss. In June alone, ADA holders experienced losses totaling nearly $40 million.
Despite the overall trend of loss, certain segments of ADA whales were seen accumulating the altcoin. Specifically, ADA wallets holding between 100,000 to 1 million and 10 million to 100 million tokens increased their holdings.
Data from Santiment revealed that ADA whale transactions in the $100,000 and higher as well as $1 million and higher segments peaked, indicating that whales likely realized losses on their holdings. The Network Realized Profit/Loss (NRPL) metric showed that ADA holders collectively faced losses between June 1 and 10, suggesting a potential phase of capitulation among traders.
Interestingly, a significant shift in Cardano’s supply distribution was observed. While the cohort of whales holding between 100 million and 1 billion ADA tokens initially added to their holdings, they later began shedding them. On the other hand, whales holding between 10 million and 100 million ADA tokens also saw fluctuations in their holdings.
Despite these movements, there were signs of bullish sentiment as two segments of whales accumulated ADA, likely taking advantage of the dip in price. Cardano’s price remained relatively steady, with on-chain metrics hinting at a potential rally in the near future.
At the time of writing, ADA saw a modest 0.65% increase, reaching $0.4461 on Binance. Overall, Cardano’s price has remained stable over the past week, with indicators suggesting a possible uptrend ahead.