Cardano Whales Are Stacking 2.35% of the Supply

• Cardano defies the market downturn with an 11% price surge, showcasing its resilience.
• Whales and sharks accumulate 1.41B ADA since November 2023, adding 2.35% to their holdings.
• Anticipation of a spot ADA ETF fuels optimism, potentially driving the price to $3 and higher.

Cardano has weathered the market downturn to post an 11% price surge. This rebound comes amidst a largely bearish day for the cryptocurrency market. Adding to the positive momentum, large holders, commonly known as “whales” and “sharks,” have steadily increased their ADA holdings since November 2023.

Data from Santiment revealed that wallets holding at least 1 million ADA have accumulated an extra 1.41 billion coins. This represents 2.35% of the entire Cardano supply. This sustained accumulation trend over the past 15 months, despite periods of significant market volatility, highlights the growing confidence in the Cardano network and its native cryptocurrency, ADA.

Concurrently, as whales accumulate, ADA’s price has recorded a marked increase. As per data, the token’s value has risen by an impressive 107%, since late November 2023. This suggests a correlation between whale activity and price growth. It further reinforces the narrative of large holders playing a crucial role in Cardano’s market dynamics.

Beyond current market performance, community is anticipating about the potential launch of a spot ADA Exchange Traded Fund (ETF). Proponents suggest that such a financial instrument could significantly boost accessibility and demand for ADA, potentially driving its price to $3 and beyond.

Source: Max Brown

Cardano ETF on the Horizon could be a Catalyst for Growth?

While the timeline for an ADA ETF remains uncertain, the prospect itself contributes to the optimistic outlook surrounding Cardano.

As earlier reported, NYSE Arcа filеd with thе U.S. Sеcuritiеs аnd Exchаngе Commission (SEC) to list аnd trаdе shаrеs of thе Grayscale Cardano Trust. Thе proposed Cardano ETF filed on Fеbruаry 10, 2025, could be thе first of its kind in the U.S.

This combination of strong price recovery, consistent whale accumulation, and the potential for a spot ETF positions the ninth ranked cryptocurrency to watch in the coming months. However, as with any investment in the volatile cryptocurrency market, investors are advised to conduct thorough research and exercise caution.