Cardano's ADA touched a two-week high of roughly $0.18 this week before pulling back to $0.166, still up 5% on the week. The move came as large investors — whales holding at least 1 million ADA — boosted their combined stash to 25.6 billion coins, the highest since February. That hoard now represents about 70% of the circulating supply, and over the past 30 days whales added 30 million ADA worth more than $5 million.
Whales buy the dip
The accumulation happened even as ADA's Relative Strength Index (RSI) slipped to 28 on July 23, deep into oversold territory. The RSI has since recovered to 31, still near the zone that traders often treat as a buying signal. But not all signals are bullish: exchange inflows have exceeded outflows, meaning more ADA is being sent to trading platforms — a sign of immediate selling pressure that could cap further gains.
August curse looms for Bitcoin
Bitcoin is trading near $65,000 after briefly dipping below $60,000 during the broader bear market. User BATMAN on social media drew a parallel to autumn 2022, a period that preceded a crash to roughly $16,000. Another trader, Kabuki, predicted a plunge to $47,000 by August. Analyst Ali Martinez noted that August has been an unfavorable month for Bitcoin every year since 2022, with a correction occurring each time.
Ethereum exchange supply hits 10-year low
Ethereum tried to break above $2,000 but got rejected and now sits around $1,880. Over the past month, investors pulled roughly 1 million ETH — worth more than $1.8 billion — off exchanges, pushing the total exchange supply to a 10-year low of about 15.1 million ETH. BitMEX co-founder Arthur Hayes acquired over $2.5 million worth of ETH during the dip. Pundit KALEO thinks ETH could rise toward $2,400 within the next month but warns of a short-lived pump followed by a crash to roughly $1,200 by September.
Traders are now watching whether Bitcoin can hold above $60,000 through the end of July, and whether the August curse — if it holds — will drag the rest of the market down with it.
