The largest holders of Cardano (ADA) have been reducing their trading activity over the past week, distributing their holdings and potentially contributing to a decline in the altcoin's value. On-chain data shows a 90% drop in netflow from these large ADA holders, indicating a decrease in the inflow of tokens into their wallets and suggesting selling or a lack of accumulation. This decline in whale activity coincides with a growing demand for short positions in ADA's futures market, as reflected by a negative funding rate. The coin remains below the red line of its Super Trend indicator on the daily chart, reinforcing a bearish outlook. Persistent selling pressure could cause ADA's price to further decline to $0.70, while an accumulation of the coin could drive its price up to $0.82.



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