On-chain data shows a Cardano whale has made a massive withdrawal from Coinbase, a sign that may be bullish for the ADA price.
As such, what they are doing on the network can be worth keeping an eye on, as it may reveal the sentiment among them. Usually, though, the anonymous nature of the blockchain means it can be hard to comment on the motive behind a particular transaction.
In the case of the current Cardano whale transfer, however, one side of the move involves a wallet that’s already known. Below are the address details related to the transaction.
Transfers of this type, where coins flow out of the custody of a centralized exchange, are known as exchange outflows. Generally, investors make exchange outflows when they plan to hold their tokens in the long term, as self-custody tends to be a safer option for them.
The latest large Coinbase withdrawal has come as Cardano is significantly down compared to its peak from earlier in September. As such, it’s possible that the move could be an indication of the whale betting on the asset at the current post-dip prices. It only remains to be seen whether the gamble will pay off for the investor.
In total, the XRP whale has shifted 18 million tokens of the cryptocurrency (worth around $51.4 million) to Coinbase with the transaction. Holders use exchanges for trading purposes, so it’s possible that the large investor may be looking to exit.
At the time of writing, Cardano is floating around $0.79, down almost 4% over the last seven days.
