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- The Ethereum whale activity aligns with short positions taken by trader 0xCB92, who correctly anticipated ETH pullbacks after surges near $2,880 and $3,940.
- Cardano (ADA) is drawing attention as founder Charles Hoskinson confirmed that the official date for the Midnight Glacier airdrop.
After approaching closer to $4,000 earlier this week, the Ethereum (ETH) price is seeing some pullback. Furthermore, on-chain data shows that the whale activity surrounding the altcoin is a bit concerning. Ethereum’s largest holders have been trimming their positions over the past three months.
Ethereum Whales Offload Holdings in Big Numbers
Since May, the top 100 Ethereum addresses have reduced their collective holdings from 22% to 19.6%, offloading approximately 2.9 million ETH during the period. This shows that the overall sentiment for the altcoin is waning following a strong 60% ETH price upside over the past month.
Moreover, this shift in whale behavior coincides with notable short positions taken by the pseudonymous trader 0xCB92. On June 11, as Ethereum surged amid market euphoria, the trader shorted ETH near $2,880, shortly before prices corrected to $2,120.
Blockchain analytics firm LookonChain reported that in a repeat move, 0xCB92 opened another short position this week as ETH crossed $3,940. The asset has since declined, marking another well-timed trade.
On the other hand, Ethereum ETFs, corporate players, and institutions have continued ETH purchases over the past month. As reported by CNF, the BlackRock Ethereum ETF (ETHA) now holds a total of 3 million ETF, amid aggressive buying over the past month.
In the latest move, Donald Trump-backed DeFi project World Liberty Financial made another $1 million worth of ETH purchase. The Trump company spent $1 million in USDC to acquire 256 ETH at a price of $3,895 per coin.
The latest buy brings the firm’s total Ethereum holdings to 77,226 ETH, valued at approximately $296 million. Based on current prices, the position reflects an unrealized profit of $41.7 million.
Cardano Gains The Limelight
While Ethereum price faces rejection at $4,000, Cardano (ADA) is gaining the limelight at the same time. In the latest development, Cardano founder Charles Hoskinson announced that the official date for the highly anticipated Midnight Glacier drop will be revealed during the upcoming Rare Evo event, scheduled to happen between August 6-10.
Hoskinson reaffirmed that NIGHT token distribution is scheduled for the second half of the year, though a specific launch date remains undisclosed. Previously, the Carda founder announced the completion of the Midnight airdrop snapshot, confirming that holders of ADA, BTC, and ETH have been included. In a recent update, Hoskinson also confirmed that XRP holders will receive NIGHT tokens as part of what he described as the “largest airdrop ever.”
As of now, ADA price is trading at $0.80, following the rejection at $0.90 last week. As a result, ADA has slipped to the 10th spot, behind Tron, as mentioned in our previous story.
Market analysts are hoping for an ADA price bounce back moving ahead. On the monthly chart, Cardano is still trading at 40% gains. Market analysts believe that a breakout past $1 could set the stage for an ADA price rally to $4-$7.
