The ADA price has moved along with the rest of the crypto market after a small rally, but Cardano whales continue to threaten this positive price action. According to recent data, the balances of the major ADA whales have continued to decline, indicating that they may be selling off their significant assets.
Cardano whale balances see big decline
Over the past month, the balances of Cardano’s largest holders have fallen. This happened when the price of ADA fell, but with every small recovery these whales seem to take advantage of the market to sell for a profit.
The significant decline in balances over time has been noted in portfolios with between 1 million and 10 million ADA declining. This claim is supported by data from IntoTheBlock, which shows a large drop in the holdings of these large holders.
1 million to 10 million token holders dump | Source: IntoTheBlock
At the end of September, addresses with between 1 million and 10 million ADA held a total of 5.63 billion tokens. But starting in October, their balances started dropping by millions. As of October 15, their total balance was 5.41 billion, which represents a decrease of 220 million tokens.
As this happened, larger whales, holding between 10 and 100 million ADA, increased their balances. Their holdings increased from ADA 11.81 billion to ADA 12.26 billion by the end of September. It then saw a small turnaround, but in August their holdings stabilized at 12.16 billion tokens, an increase of 300 million.
This could indicate that while the 1 to 10 million cohort had sold, the 10 million and 100 million cohort had taken the opportunity to buy. This ended in a transfer of over 300 million ADA to these already huge whales, increasing their market dominance.
XRP recovers above $0.25 | Source: ADAUSD on Tradingview.com
ADA holders plunge further into losses
Amid the sell-off of the 1 million to 10 million ADA cohort, Cardano holders continue to feel the impact of the bear market. Unlike the rest of the top 10 largest cryptocurrencies that have maintained a good profitability ratio, ADA has performed terribly.
Only 6% in addresses in profit | Source: IntoTheBlock
According to data from IntoTheBlock, only 6% of the nearly 4.5 million ADA holders see profits. As many as 4.09 million addresses suffer losses, accounting for 91.76% of the total number of addresses. In contrast, 2.06% (91,990) addresses are break-even.
ADA is currently trading at $0.25, down 91.84% from its all-time high of $3.10, according to Messari. However, it remains the 8th largest cryptocurrency with a market cap of $8.88 billion.