Hundreds of millions of Cardano's native coin, ADA, have been moved over the past month

According to recently published data, over the past month, hundreds of millions of Cardano's native coin, ADA, have been moved over the past month.

Cryptocurrency trader and analyst Ali Martinez has shared a chart provided by on-chain data aggregator Santiment to show that in March, large holders, known in the crypto space as whales, unloaded almost 200,000,000 ADA coins. They were wallets holding between one million and 10 million ADA.

The supply held by those wallets gradually declined along with the ADA price, as the chart shows — the coin went down from $0.808 to $0.637 and then made a small recovery to the $0.673 price level.

(Chart: Ali Martinez / Santiment)

Whales sold nearly 200 million #Cardano $ADA throughout March, as shown by data from @santimentfeed!pic.twitter.com/mYxm1LdSkI

— Ali (@ali_chart) March 31, 2023

The community was clearly upset by whales selling such a large amount of ADA. They expressed their indignation in the comments under the tweet.

One user said that these whales probably bought ADA at $0.03 and sold it at $0.30, adding that they would continue to do so. Another user noted that it was common knowledge that when a coin is going down, it’s best to sell. A third user said that they hoped the ADA price would go up again soon.

Earlier this week, a report by investment fund CoinShares highlighted that crypto investor sentiment had made a substantial pivot as almost $200 million flowed into Bitcoin-based exchange-traded products, largely driven by the launch of spot Bitcoin ETFs.

Despite this, altcoins also saw some activity, although not on the same scale as the world’s flagship cryptocurrency.

Small amounts continued to flow into Cardano, with $0.6 million flowing into ADA last week, bringing the month-to-date total to $63.3 million and year-to-date to $70 million. Overall, exchange-traded products now hold $121.2 million of investments under management.

XRP had larger amounts flowing in, with $4.8 million arriving last week, a month-to-date total of $15 million, year-to-date of $168.1 million and a total of $957 million held in XRP-based ETPs.

Solana and Ethereum had the largest altcoin outflows, with $7.8 million and $15 million, respectively, in outflows last week.