Whenever a big exchange outflow hits the blockchain, the crypto crowd jumps right into theories. This time, it is Cardano’s turn in the spotlight: 67,926,042 ADA, worth more than $54 million, just left Coinbase and went into a wallet that already had billions of ADA, according to Whale Alert.
This address does not look like a random trader but more like a vault built to keep coins locked away from the noise of day-to-day speculation.
The transfer was split into two parts, with the larger part going to a single enterprise-type address that now has over 4.19 billion ADA.
That is a balance so big it eclipses entire staking pools. Interestingly, this wallet does not delegate at all, meaning none of those coins is generating staking yield.
Cardano season
This address has been active since March 2021, has run through 1.7 million transactions and continues to stay active but always outside the staking system, which adds another layer of mystery because anyone holding that much ADA could be pulling in serious returns if staking were the goal, yet the owner chooses the opposite.
The market usually sees exchange outflows as a good sign because they reduce the amount of coins available, but the fact that so many coins are in the hands of a few big investors keeps making people wonder how decentralized Cardano ownership really is.
With ADA trading at around $0.80, now might be a great time for speculators to start talking about a “Cardano season” in the background, whether or not the whale ever speaks.
