- Cardano ticks lower, pausing its weekly increase and putting into question a potential morning star pattern.
- On-chain data indicate that large investors are acquiring ADA while retailers are shedding it.
- The derivatives data shows a spike in Open Interest.
Cardano (ADA) takes a modest dip of under 1% at press time on Wednesday, losing steam after a Doji candle formed in the previous session. The on-chain data show growing support from large investors, commonly referred to as whales, while the holding of retail Cardano investors declines, suggesting a decrease in risk appetite.
The ADA open interest spike suggests increased inflows due to heightened buying activity, rising chances of a leverage-driven uptrend.
Cardano retail investors offload holdings
Santiment data shows that investors holding 10 to 10,000 ADA have offloaded 10 million ADA tokens since June 1, as their holdings have reached 2.46 billion ADA….
