As the broader crypto market continues to show mixed price action, Cardano has also paused its rally and is now trading in the red zone.
Amidst these negative trends in the market, whales are also increasingly being witnessed dumping ADA tokens in what appears to be a large-scale sell attempt.
150,000,000 ADA returned to Binance
On Tuesday, December 9th, on-chain monitoring company Whale Alert identified In three large-scale cryptocurrency transfers, a total of 150,000,000 ADA was moved to Binance, the world's largest cryptocurrency exchange.
The large ADA deposit that has caught the attention of the cryptocurrency community occurred in three separate identical transactions carrying 50,000,000 ADA each.
Notably, this data shows that all three of ADA's transfers were worth more than $64 million based on ADA's price at the time of the transfer.
Although the intentions behind the transfer remain opaque, it is perceived to be a large-scale sale attempt, as large amounts of crypto tokens returned to central exchanges in this manner are often traced back to prominent investors and institutions looking to sell their assets.
When making a transaction, cardano has slid into the red region from the positive side of the market, showing a price decline of 0.86% from the previous day.
Nevertheless, ADA is trading at $0.4290 at press time, after hitting an intraday high of $0.44, according to CoinMarketCap data.
As such, Cardano whales sold about $64 million worth of their native tokens in just a few minutes, even as sentiment appeared to be shifting as profits were eroded by repeated price corrections.
ADA open interest skyrockets on Binance
Despite Cardano’s slow price movements, its derivatives market continues to be in a positive direction as the asset has recorded a significant increase in futures open interest across all exchanges.
Remarkably, data presented by CoinGlass shows that Cardano has one of the highest daily spikes. Binance. At the time of writing, approximately $138.86 million is registered in active futures contracts, and ADA's open interest on Binance has increased significantly by more than 7%.
