Cardano (ADA) and Shiba Inu (SHIB) Whales See Large Transaction Volumes, As New DeFi Token ETFSwap (ETFS) Presale Attracts Whales With Diverse Offerings

Cardano (ADA) and Shiba Inu whales are on the move, as the coins are witnessing a notable rise in large holder inflows, a metric that tracks significant investments from whales.

Cardano (ADA) and Shiba Inu (SHIB) whales are making their presence felt with a surge in large holder inflows for both cryptocurrencies. These whales are known for their significant crypto holdings and trading activities, and their buying behavior can often influence market trends.

According to IntoTheBlock's large holder netflow metric, which tracks the net flow of funds into and out of large holder addresses, ADA experienced a 1,218% surge in large holder inflows over the past two days. This inflow indicates a substantial increase in funds entering large holder addresses, surging from 14.51 million ADA on July 8 to 110.7 million ADA on July 9.

This large holder buying activity aligns with ADA's recent price performance, which showed a 3.4% rise over the past 24 hours, trading at $0.3819 at the time of writing. After several days of muted large holder inflows, beginning on July 5, this recent surge in inflows could signal a shift in market sentiment or a response to ADA's recent price movements.

Historically, large holders' inflows are mostly indicative of large buying activity from these addresses, which tend to accumulate cryptocurrencies in bulk. These inflows could also be a sign of price bottoms, as large holders typically prefer to buy in large quantities after significant price drops. Considering the current market scenario, both these narratives might be applicable to Cardano's ADA.

Meanwhile, Shiba Inu (SHIB) whales are also in the spotlight with a positive development amidst SHIB's struggle to climb above its crucial $0.00002 support level. This positive sign is highlighted by a massive withdrawal of Shiba Inu tokens from exchanges, as identified by blockchain data provider Santiment.

Over the past month, on-chain data reveals that a striking 5.53 trillion SHIB tokens have been moved out of exchange reserves, suggesting that investors are withdrawing their holdings from exchanges. This withdrawal aligns with a shift in investors' preference towards self-custodial storage options, such as hardware wallets or decentralized applications (dApps).

Moreover, throughout this period, Shiba Inu whales, known for using off-exchange wallets, have collectively stockpiled a total of 6.57 trillion Shiba Inu tokens. These large investors have been accumulating SHIB steadily, displaying their optimism regarding its future price trajectory.

This positive sentiment towards SHIB is further supported by its inclusion in the top 10 list of promising cryptocurrencies by market analysts, in anticipation of the upcoming launch of the Ethereum Spot ETF. This inclusion might pique the interest of investors, especially those seeking to capitalize on promising crypto assets.

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