Cardano eyes epic breakout, Whale acquires $26.7M in ETH, Bitcoin sees profit taking around $70K

Crypto2Cash
3 min readJun 4, 2024

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Cardano sees 28% surge in trading volume, ADA price poised for major breakout

Cardano (ADA) has experienced a significant increase in trading activity, with the volume of derivatives trading surging by 28.9% over the past 24 hours, reaching $362.30 million according to CoinGlass. In the same period, spot market trading volume was $306.29 million, resulting in a combined total trading volume of $668 million.

Notably, the spot market volume slightly decreased, indicating that the increased trading activity was primarily driven by the futures market, suggesting a more speculative approach rather than traditional investing.

From a price perspective, ADA saw a rise today, hitting a key resistance level at $0.46, which it has struggled to break through. This level has become a critical price ceiling, and breaking it could significantly change market sentiment. If ADA manages to surpass this resistance, the current jokes about it being a “stablecoin” at $0.45 could quickly dissipate.

Source: U.Today

Whale acquires $26.7M in ETH following $76.6M profit amid market rally

Ethereum (ETH) is approaching the $4,000 mark, fueled by recent developments with the Securities and Exchange Commission (SEC) and the introduction of new Ether ETFs. Significant whale activity has been noted, with a whale transferring 7,000 ETH (worth $26.7 million) to Binance on June 3, capitalizing on the price surge. This whale has made a $76.6 million profit from trading ETH.

Since the approval of spot Ether ETFs on May 23, over $3 billion worth of Ether has been withdrawn from centralized exchanges, indicating a potential supply squeeze as investors move to self-custody for long-term holding. Data shows a rise in large ETH holdings, with wallets holding over 1% of total supply increasing from 36% to 41% this year.

Whales holding 10 million to 100 million ETH have been accumulating since May 20, coinciding with SEC rumors and ETF approvals. Conversely, whales with 1 million to 10 million ETH are taking profits. The decline in exchange reserves and increased long-term holding suggest a bullish sentiment that could push ETH above $4,000.

Source: Finbold

Bitcoin sees profit taking around $70K

Bitcoin (BTC) experienced profit-taking around the $70,000 mark, dropping to $69,200 on Tuesday. Despite the price dip, over 50% of Bitcoin’s supply remains inactive, indicating strong long-term holder conviction. The broader U.S. stock markets influenced BTC prices, with some meme stocks and tokens surging due to influential trader Keith Gill’s return.

Bitfinex reported that Bitcoin’s decline since March was driven by long-term holders selling, but recent data shows this trend has stalled, and accumulation is occurring. On-chain analysis firm CryptoQuant highlighted the high percentage of inactive Bitcoin supply, signaling potential for further price gains.

The market sentiment remains “stubbornly bullish,” supported by increased trading activity and anticipation of an ETH spot ETF. This bullishness persists despite negative headlines about Mt. Gox and the DMM hack. Additionally, speculation on other major cryptocurrencies due to potential spot ETF approvals is driving long positions.

Elsewhere, ETH and DOGE saw slight losses, while ADA and SOL rose by up to 3%. The CoinDesk 20 index increased by 0.41% in the past 24 hours, with notable gains in tokens like FLOKI and ENA, which rose over 10%.

Source: CoinDesk

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