Cardano Sees Dormant Whales Become Active, Hinting at Potential Turning Point

On-chain data for Cardano (ADA) indicates increased transactions involving coins that have been dormant for an extended period. This activity, marked by spikes in the 'Age Consumed' metric, has emerged following a significant price decline in June. While this movement could reflect panic selling from long-term holders reacting to bearish pressure, analytics firm Santiment notes that historically, clusters of 'Age Consumed' spikes paired with a slowdown or downturn in the 'Mean Dollar Invested Age' have often appeared around key market turning points. The 'Mean Dollar Invested Age' for Cardano has witnessed a slowdown in growth, suggesting that the movement of these dormant coins is significant enough to have an impact. Cardano's price has been notably affected, dropping over 26% in the past week to trade around $0.16.

Bitcoin Bottom Remains Elusive as Indicators Point to Continued Stress

For Bitcoin (BTC), on-chain data suggests that a market bottom has not yet been reached. The 365-day moving average of the Bitcoin PnL Index is currently in a transition phase, a period that historically precedes market bottoms but does not immediately signify their arrival. The index remains in positive territory, implying that, from its perspective, Bitcoin is not yet 'undervalued.' Adding to the bearish sentiment, short-term holder whales—investors holding at least 1,000 BTC acquired within the last 155 days—are now sitting on -$16.4 billion in unrealized profit/loss. This represents the deepest level of stress seen for this cohort in the current cycle. Bitcoin's price is currently fluctuating around $61,700, having decreased over 6% in the last seven days.