Market Whisper: Ethereum Begins to Be Excluded, Cardano is in the Spotlight

The big movement in the crypto world: the crypto whales move from Ethereum to Cardano

Several new signals emerged from the movement of crypto whales (crypto whales) which changed their investment strategy. Previously, Ethereum (ETH) became the main choice for large investors, but now the trend is starting to change. On-chain data shows that crypto whales are slowly releasing ETH ownership and switching to Cardano (ADA). This marks a significant shift in market preferences.

According to the latest data, the number of ETH ownership by the 100 largest wallet has been decreasing since May. Of the 22 percent, now only 19.6 percent of Ethereum’s total supply remains. This figure means that around 2.9 million ETH or more than Rp. 177 trillion has been released in less than three months. This figure is calculated with the assumption that the ETH price is around USD 3,766 or Rp. 61.2 million per coin.

On the other hand, Cardano’s 100 largest wallets actually continue to accumulate every day. According to Joao Wedson, CEO of Alphractal, this shows an increase in confidence in Ada ahead of the potential price rally in the future. “From the point of view of the movement of big players, Cardano looks more interesting at the moment,” he said.

Although the price of ETH in the past week still showed positive performance with an increase of more than 3 percent, the ETH price was recorded at USD 3,766 or around Rp. 61.2 million. Meanwhile, Cardano was at the level of USD 0.8297 or around Rp. 13,480, actually weakening 1.5 percent in a week.

This phenomenon is further clarified by the sudden wave of Ethereum unstaking. In an interview with Bitcoin.com, Cathie Wood, CEO of ARK Invest, assessed that this spike in unstaking was part of the shift in institutional power. “Institutional investors have started to choose equity channels such as Treasury stocks that reflect crypto exposure without having to hold the token directly,” said Wood.

According to him, many venture funds and large investors disburse ETH which was previously stakes to be transferred to new instruments, such as Digital Asset Treasury (DAT), in order to double profits when the lockdown period is over. Robinhood, for example, offers a 2 percent bonus for on-platform cryptocurrency transfers, which is an added incentive for investors.

An example of this strategy can be seen from the microstrategy (now called the strategy) which consistently accumulates Bitcoin, and Bitmine Immersion Technologies (BMNR) which aggressively turns the strategy into the Ethereum Treasury Company. Bitmine even targets to have 5 percent of the total global ETH supply.

Wood emphasized that this equity pathway is an attractive alternative for financial advisors in large institutions to provide BTC and ETH exposure without the need to manage crypto wallets directly.

However, there is still a debate whether this spike in unstaking reflects a decline in confidence in staking, or is just a transition to a more fluid and institutional approach. One thing is for sure, Ethereum is currently facing a big junction: between the old strategy based on staking and a new wave of institutional investment that is more flexible.

In this context, retail investors may need to be careful. If whale starts moving out, and institutions change their investment approach, then the direction of the Ethereum market going forward can be very different from what it looks like today. This change shows that the crypto world continues to grow and cannot be fully predicted.