In addition to storing digital assets, crypto wallets tell stories about the outbreak or trends of the cryptocurrency market. Even more interesting is the story told by a large participant in the wallet. Tracking transactions for these addresses can provide insight into market sentiment, as they often act as silent signals for future trends. For example, the two biggest cryptocurrencies, Ethereum and Cardano – seem to tell some stories at the moment.
Fork path – eth whales slowly exit and adianiant enters
In a recent post on X, social media platform Alphractal CEO and founder Joao Wedson shared chain insights into increasing divergence in Ethereum and Cardano whale activity.
The relevant metrics here are the large holder share TOP 100 metrics for ETH and ADA. This tracks the percentage of total Ethereum and Cardano supply held by the largest wallet. This metric is especially useful for knowing whether the main owner is accumulating or distributing coins.
Source: @joao_wedson on X
In a post on X, Wedson noted that the top 100 owners of ether tokens have consistently reduced their holdings. Analysts explained that since May, the share of Ethereum supply has fallen from 22% to about 19.6%. This means that large investors held during that period reduced ETH of 2.9 million.
Source: @joao_wedson on X
Meanwhile, Wedson emphasized that the top 100 ADA owners are “a steadily accumulating every day.” He explained that this demonstrates confidence in the token and could be a sign that strategic positioning is taking place in anticipation of future bullish gatherings.
What does this mean?
Crypto Pundit has continued to point out that these large addresses are associated with the exchange, but does not take away the fact that Cardano looks more attractive at the moment. “From this perspective, Cardano now looks more appealing based on the actions of large players,” Wedson said.
In what seemed like a notable advice, Wedson rehashed the importance of closely following the smart moves these crypto whales make, as they may reveal where the market is heading.
At the press conference, Ethereum, the “King of Altcoins,” is valued at around $3,766, reflecting a 0.6% price increase over the past 24 hours. According to Coingecko data, ETH prices have slightly impressive performance over 3% over the past week.
Meanwhile, Cardano is worth $0.8297, reflecting a price increase of just 0.6% over the past 24 hours. Ada’s seven-day actions were also barely impressive, finishing the week with its value dropping by about 1.5%.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Unsplash featured images, TradingView charts
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