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Cardano Whales Sell $170M ADA as Treasury Proposes Bitcoin Shift
- Cardano whale wallets sold $170 million ADA after an initial accumulation phase, sparking market uncertainty.
- A proposal to convert $100 million of Cardano's treasury into Bitcoin and stablecoins led to concerns about ADA's stability.
- Technical indicators suggest ADA may drop to $0.50, raising fears of a broader altcoin correction.
- Charles Hoskinson promised OTC treasury sales to limit price disruptions and support DeFi growth.
- Institutional-sized wallets went from accumulating to selling 270 million ADA, causing a price drop from $0.71 to $0.62.
- The significant sell-off by whales led to increased volatility and negative sentiment in Cardano's ecosystem.
- Analysts note a potential head-and-shoulders pattern breakdown that could push ADA down to $0.50.
- Geopolitical tensions and internal Cardano ecosystem factors contribute to uncertainty in the market.
- Hoskinson's proposal to shift $100 million from the treasury to Bitcoin and stablecoins divided the crypto community.
- Hoskinson assured that the treasury sale would be carried out off-market through OTC deals to minimize disruptions.
- The community remains divided on the treasury strategy, and Cardano faces a crucial moment amid growing pains and external challenges.
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