Cardano Whales Dump 200M ADA Last month Amid Market Chaos

Cardano’s ADA had a wild month in March. At the start of the month, ADA jumped above $1.10 after Donald Trump announced that the U.S. would create a crypto reserve, and he mentioned that ADA would be included.

The crypto space was happy about the news, especially investors, as they pumped money into the token, and the price shot up.

However, a few days later, Trump officially signed the executive order, and ADA was nowhere to be found on the list.

Instead, the directive focused only on Bitcoin. That news hit ADA hard, and its price crashed below $0.70. It tried to bounce back to $0.77, but by the end of March, it dropped again and settled at $0.66, according to CoinGecko.

While all this was happening, ADA whales started to sell off. Crypto analyst Ali Martinez shared on X that whales sold off 200 million ADA tokens, which is worth about $136 million at today’s prices. Even after this, whales still hold about 5.8 billion ADA, making up 16% of all ADA in circulation.

When crypto sells, it usually results in a downtrend in price. On top of that, small investors often panic when they see whales selling and start dumping their own ADA as well, which makes the price drop even more.

Despite this, ADA somehow ended March with a small gain, up 2% over the past 30 days. Some analysts think the price could go much higher. Martinez said that if ADA closes above $1.15, it could break out and hit $2.

One thing that could shake things up even more is a spot ADA ETF in the U.S. Investment Grayscale filed for one in February, and the SEC acknowledged it in March.

If it gets approved, regular investors could buy ADA like a stock, without dealing with crypto exchanges. This could bring in a wave of new buyers. According to Polymarket, there’s a 59% chance the ETF will be approved by the end of 2025.