Over 70 million Cardano (ADA) tokens have changed hands among whales, raising speculation about the future direction of the cryptocurrency. This surge in whale activity follows Grayscale’s recent application for the first-ever Cardano Spot ETF, a move that has drawn attention from both retail and institutional investors alike.

The massive transfer of ADA tokens by large holders has many wondering whether these movements are linked to the growing institutional interest in Cardano, particularly in light of Grayscale’s filing. The recent flurry of activity has not only fueled excitement within the crypto community but also raised questions about what this could mean for the price of ADA in the coming days and months.

Whale Movements on the Rise

Technical analysis from Ali Martinez shows that whales—addresses holding between 1 million to 10 million ADA—have moved a total of 70 million tokens in a span of just four days. Such movements, particularly involving large sums of ADA, are often an indicator of institutional positioning or shifts in market sentiment. However, it is not immediately clear whether these transfers are a sign of whales accumulating tokens ahead of a potential price surge or if they are indicative of selling pressure in the market.

Given the backdrop of Grayscale’s filing, these movements might suggest strategic positioning by major players. If whales are indeed accumulating, this could lead to stabilization in ADA’s price or even a rebound in the near future. On the other hand, if the whale activity points to continued selling pressure, it could create further downside for the asset.

Grayscale Files for Cardano Spot ETF

Grayscale Investments is moving forward with a filing for a Cardano Spot ETF through NYSE Arca, which would provide a regulated way for institutional and retail investors to gain exposure to Cardano without directly holding the tokens. If the SEC approves the ETF, it would mark a significant development for the altcoin market, bringing institutional capital to Cardano.

Currently, ADA remains in the spotlight as the crypto investment product market continues to expand beyond Bitcoin and Ethereum. If the ETF is approved, it could significantly boost Cardano’s presence in institutional portfolios, leading to broader adoption.

ADA’s Price Potential

Following the recent surge in whale activity, ADA’s price has shown signs of a short-term recovery. At the time of writing, ADA was trading at $0.8173, with signs of a reversal as whale movements reignited buying pressure. The Relative Strength Index (RSI) is hovering near 46.92, which signals that ADA is nearing neutral territory after an oversold phase. Additionally, the Moving Average Convergence Divergence (MACD) is showing signs of a bullish crossover, further fueling optimism among traders.

In the short term, if buying momentum continues, ADA may push past key resistance levels around $0.90, with the possibility of testing $1.00. However, a rejection at resistance could result in price consolidation in the near future.

Looking at the longer-term horizon, the approval of Grayscale’s Cardano Spot ETF could be a game-changer for the asset. If institutional capital flows in as expected, ADA could see significant growth, potentially pushing its price above $1.20 and even towards the $1.50–$2.00 range by the end of 2025.

While the path forward seems promising, macroeconomic factors and market volatility will continue to influence Cardano’s price trajectory. Regardless, with the combination of whale activity and growing institutional interest, ADA’s outlook remains optimistic.