$64 Million in ADA Dumped in Minutes: Who’s Selling?

As the broad cryptocurrency market continues to show mixed price actions, Cardano has also suspended its rally, and it is now trading in the red zone.

Amid this negative market trend, whales have also been spotted increasingly dumping off the ADA tokens in what looks like major selling attempts.

150,000,000 ADA return to Binance

On Tuesday, Dec. 9, on-chain monitoring firm Whale Alert has identified three massive crypto transfers, involving a combined total of 150,000,000 ADA being moved to the world’s largest cryptocurrency exchange, Binance.

The large ADA deposits, which have attracted the attention of the crypto community, happened in three separate identical transactions that were carrying 50,000,000 ADA each. 

Notably, the data shows that all three ADA transfers were worth over $64 million, based on ADA’s price at the time of the transfer.

While the intent behind the transfers remain uncertain, they are perceived to be major sell attempts, as large amounts of crypto tokens returning to centralized exchanges like this are often traced to high-profile investors or institutions moving to sell their assets.

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At the time of the transaction, Cardano had slid from the positive side of the market into red territory, showing a price decline of 0.86% over the last day.

Nonetheless, data from CoinMarketCap shows that ADA is trading at $0.4290 as of press time, after recording an intraday high of $0.44.

Thus, as sentiment appears to be shifting amid weakening interests fueled by the recurring price corrections, Cardano whales have sold about $64 million worth of its native tokens in just minutes.

ADA open interest explodes on Binance 

Despite Cardano’s slow price movements, its derivatives markets have remained on the positive side as the assets record a decent increase in its futures open interest volume across all exchanges.

Notably, the data showcased by CoinGlass shows that Cardano has seen one of the highest daily surges on Binance. With about $138.86 million registered in its active futures contracts as of press time, ADA’s open interest on Binance has surged massively by over 7%.