270,000,000 ADA in Just One Week – What’s Happening?

Crypto analyst and trader Ali Martinez, known on the X social media network under the @ali_charts alias, has shared on-chain data taken from CryptoQuant about whales selling more than a giant 270 million ADA coins over the past week.

Whales unload 270,000,000+ ADA

This massive sell-off conducted by wallets, which hold between 1,000,000 and 10,000,000 ADA, aligned with a sharp 14% decline faced by the ADA price between June 12 and 13 as the coin’s price crashed from $0.7258 to $0.6231. By now, the price has shown a slight rebound, rising to reach $0.6421.

ADA, along with the entire cryptocurrency market, followed the world’s largest cryptocurrency, Bitcoin, as it sharply went down by almost 4.3% and came crashing down from the $108,325 price level. At press time, BTC is changing hands slightly above the $105,000 mark.

The sell-off occurred as what looks to be an act of profit-taking after the ADA price by 17.26% over the past week, spiking from $0.6199 to $0.7268.

Cardano ETF approval odds soar to 75%

This week, Bloomberg updated the chances of spot cryptocurrency ETFs being approved this year. Among those ETFs was one based on the ADA spot price – it has been risen to 75%.

The odds of LTC and SOL ETFs have increased to 90%, while those for Dogecoin and XRP ETFs now equal 80%.

Besides, ADA and the other aforementioned cryptocurrencies are now viewed as digital commodities and not securities, according to Bloomberg.