Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. On-chain data shows a Cardano whale has made a massive withdrawal from Coinbase, a sign that may be bullish for the ADA price. Cardano Whale Has Withdrawn Big From Coinbase
According to data from cryptocurrency transaction tracker service Whale Alert, a large transfer has been spotted on the Cardano blockchain during the past day. The move in question involved the shifting of about 67.8 million ADA across the network, worth over $54.3 million at the time that the sender executed the transaction. Related Reading Bitcoin Sentiment Returns Back To Neutral As BTC Breaks $114,000 16 hours ago
Considering the significant scale of the transfer, it’s likely that a whale entity was responsible for it. Whales are big-money investors who carry large amounts in their wallets and hold the power to make huge individual transactions. Because of this, these holders can have some degree of influence in the market.
As such, what they are doing on the network can be worth keeping an eye on, as it may reveal the sentiment among them. Usually, though, the anonymous nature of the blockchain means it can be hard to comment on the motive behind a particular transaction.
In the case of the current Cardano whale transfer, however, one side of the move involves a wallet that’s already known. Below are the address details related to the transaction. Looks like the sender paid a fee of just $0.14 to make the transfer go through | Source: Whale Alert
As is visible, the sending address for this Cardano whale transaction was a wallet attached to cryptocurrency exchange Coinbase. Meanwhile, the receiver was an unknown wallet, meaning that it was likely the investor’s self-custodial address.
Transfers of this type, where coins flow out of the custody of a centralized exchange, are known as exchange outflows. Generally, investors make exchange outflows when they plan to hold their tokens in the long term, as self-custody tends to be a safer option for them.
The latest large Coinbase withdrawal has come as Cardano is significantly down compared to its peak from earlier in September. As such, it’s possible that the move could be an indication of the whale betting on the asset at the current post-dip prices. It only remains to be seen whether the gamble will pay off for the investor. Related Reading XRP Bounce Incoming? Analyst Targets $3–$3.15 After Support Holds 21 hours ago
Another altcoin, XRP, has also just witnessed a large transaction, as Whale Alert has pointed out in another X post. Unlike ADA’s transfer, however, this whale move has been an Exchange Inflow. The large transfer that has occurred on the XRP network in the past day | Source: Whale Alert
In total, the XRP whale has shifted 18 million tokens of the cryptocurrency (worth around $51.4 million) to Coinbase with the transaction. Holders use exchanges for trading purposes, so it’s possible that the large investor may be looking to exit. ADA Price
At the time of writing, Cardano is floating around $0.79, down almost 4% over the last seven days. The price of the coin seems to have moved sideways during the last few days | Source: ADAUSDT on TradingView Featured image from Dall-E, whale-alert.io, chart from TradingView.com