TL;DR
- Cardano whales continue their September behavior by disposing of even more portions of the native asset.
- It’s not all bad news, though, as an ETF with ADA exposure went live on Friday and a popular technical indicator flashed a buy signal.
From a USD perspective, the 530 million ADA disposed of by whales in just two days is worth nearly $480 million, given the asset’s current price tag of around $0.9. This is a rather considerable amount to be sold off in 48 hours, and it’s not an isolated case for September. Recall that such large investors dumped 140 million ADA at the start of the month as well.
Such substantial sell-offs not only increase the immediate selling pressure of the underlying asset but could also serve as an example to smaller investors who might decide to follow suit.
Nevertheless, there are some positive signs for ADA investors. As reported earlier this week, the US SEC greenlighted Grayscale’s Digital Large Cap Fund to be converted into an ETF, and it includes BTC, ETH, XRP, SOL, and ADA. The product went live for trading on Friday.
Ali Martinez also outlined some good news for the asset. At first, he noted that the TD Sequential, the indicator that previously timed the top, had flashed a buy signal at $0.86.
He also suggested that ADA might be on track to repeat its pattern from the last bull cycle, which could mean that its rally is “still in the early stages.”
