Large Investors Buy $160 Million ADA Amid Price Drop
Cardano's (ADA) price has dropped by over 7% in the past week, settling at around $0.21 on Friday. Despite this decline, large wallet holders have been accumulating ADA, with Santiment reporting that addresses holding between 10 million and 100 million tokens acquired 160 million new ADA since Sunday.
This buying activity suggests that some investors view the current price as a strategic entry point, but it hasn't yet reversed the downward trend. Derivatives market data indicate uncertainty, with CoinGlass showing Cardano's long-to-short ratio at 0.74, one of its lowest levels in over a month.
The ADA funding rate turned positive on Thursday, reaching 0.0013% by Friday's end, indicating persistent optimism among some traders despite the broader cautionary mood.