120,000,000 ADA in Just 2 Days: What Are Cardano Whales Preparing for?

TL;DR

• Large investors scooped up more than $85 million worth of ADA in the last two days.
• The question now arises whether they are getting ready for a price pump, perhaps fueled by encouraging news on the ADA ETF front.

Stacking More ADA

The renowned analyst, going by the pseudonym Ali Martinez on X, disclosed that Cardano whales purchased more than 120 million ADA in the last 48 hours. The USD equivalent of the stash equals over $85 million (calculated at current rates). 

Martinez’s chart shows that the buying spree was conducted by investors holding between 100 million and 1 billion tokens. He also revealed that, as of the moment, they collectively own 3.14 billion ADA, or approximately 8% of the asset’s circulating supply.

The whales’ actions are usually closely monitored by smaller players who may decide to mimic the move and join the ADA ecosystem or increase their exposure. It is also a common theory (or at least a suspicion) that such large investors sometimes have inside information about vital events that can impact the price, which might explain their accumulation (or dumping) efforts. 

One development that Cardano proponents might be waiting for is the potential approval of the first spot ADA ETF in the United States. One of the companies with intentions to introduce this type of product is Grayscale. 

Just a few weeks ago, the US Securities and Exchange Commission (SEC) delayed its decision on the fund until July 15, with its final “yes” or “no” expected to be announced before the October 22 deadline. 

At the start of the business week, the chances of approval (before the end of 2025) on Polymarket dropped to nearly 40%. However, over the past few hours, the odds briefly surged to 70% and currently stand at 66%.

The improved chances come shortly after the SEC greenlighted a NASDAQ crypto US settlement price index, which includes numerous altcoins, such as ADA. 

Poised for an Uptrend?

Cardano’s native token currently trades at around $0.70, representing a 5% daily increase but an 11% decline over the past month. 

Nonetheless, important indicators suggest that a more substantial resurgence may be on the way. For instance, ADA’s exchange netflow has been predominantly negative in the past several months.

This suggests that many investors may have shifted from centralized platforms to self-custody methods, which reduces immediate selling pressure.

Meanwhile, some well-known analysts on X, including Lucky, have made bullish predictions about ADA’s future price. Those willing to explore that in detail can take a look at our article here.

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