Cardano Price Sinks as Whale Wallets Unload Tokens

Cardano (ADA) is trading at $0.177 on Monday after correcting over 10% in the previous week, and its price decline is supported by whale wallet offloading ADA tokens.

Santiment's Supply Distribution data shows that whales holding between 1 million and 10 million tokens have shed 200 million tokens since August 11, while whales holding between 100,000 and 1 million tokens have accumulated 10 million ADA.

The weakening derivatives metrics also indicate a bearish outlook. CoinGlass' long-to-short ratio for ADA reads 0.92 on Monday, nearing the lowest level over a month. This ratio reflects bearish sentiment in the market, as more traders are betting on the asset's price to fall.