Are Cardano [ADA] whales in hiding ahead of Vasil hard fork

The major news concerning Cardano that can be found on the internet right now is developments related to the Vasil hard fork.

The much-awaited upgrade is coming closer. This, despite the multiple delays noted over the past few months. And, the Rosetta upgrade is the newest addition to take Cardano forward.

Cardano Rosetta and the whales

On 16 August, the Cardano Rosetta 1.8.0 upgrade was released. As per the GitHub description it supports the upcoming Vasil protocol upgrade.

As explained previously by the Cardano network, Rosetta is a set of tools that simplify the process of integrating with Cardano so that developers can build once and integrate their blockchain everywhere.

The release of Vasil hard fork date is not yet announced. In this case, it is updates related to the hard fork that is giving investors some positive motivation to trade.

Although many people believe that Vasil may not trigger a rally. Notably, the implications of the upgrade will not be seen immediately.

Regardless, ADA holders and whales are all hyped up. And, the latter cohort’s elation is visible in their holdings.

A few weeks after hitting the all-time high in September, Cardano began noting a decline in the total balance held by addresses with more than $100k worth of ADA.

From $29.12 billion in September, the figure gradually fell to $26.1 billion last month.

Cardano whale address balance | Source: Coinmetrics – AMBCrypto

Only after 11 July did the supply begin to increase partly because of the recovery. And, mainly due to the hype around Vasil.

However, despite the bullish cues from the broader market, the altcoin has only risen by 31%.

Cardano price action | Source: TradingView – AMBCrypto

Surprisingly, ever since the recovery began, investors have been pulling more money out of the asset.

The downtick in the Chaikin Money Flow highlights the same. Evidently, it is a FOMO-induced recovery and not an organic one.

This sentiment in some capacity is also shared by institutional investors who for the week ending 12 August only poured in $0.2 million.

Cardano institutional investor investment | Source: CoinShares

Thus, whether Vasil will be a major trigger is still unknown.