TL;DR

After sitting on the sidelines for a few weeks, Cardano whales have gone on an accumulation spree, purchasing over 180,000,000 ADA within the past seven-day period. The team behind the layer-1 blockchain announced a big integration yesterday of Bitcoin Ordinals, which, according to analysts, could also fuel a substantial price reversal.

Whales Start Buying Again

As the largest market participants, especially for cryptocurrencies that lack ETFs or other funds allowing institutional exposure through regulated financial vehicles, whales actions are particularly significant for altcoins price movements.

ADAs price is also highly susceptible to whether they buy or sell in massive quantities, as evident in late February when they were disposing of their assets, and the asset plunged.

However, data shared by Ali Martinez showcases a more promising current picture as they have accumulated over 180,000,000 ADA in the past week alone. In terms of USD value, this stash is equivalent to $135 million at todays prices. The picture below indicates that whales holdings have surpassed 13 billion ADA, which is more than a third of the entire available token supply (35.33 billion, according to CoinMarketCap).

Whales have bought over 180 million #Cardano $ADA in just the past week! pic.twitter.com/hOmii47pKo

Bitcoin Ordinals Integration

Aside from whales filling their bags, which is considered a highly bullish development, another factor that could reverse ADAs price trajectory is the growth and development of the network behind the token.

IOG announced such a big move yesterday, as Bitcoin Ordinals can now be wrapped and bridged to the Cardano blockchain via Fairgates BitVMX framework.

According to the statement, this marks a significant advancement in decentralized finance, enabling seamless interaction between two of the most prominent blockchain systems.

“The future of DeFi is cross-chain, and BitVMX exemplifies how Bitcoin can be a foundational layer in this evolution,” said Charles Hoskinson, CEO of IO. “By combining Cardano’s flexibility with Bitcoin’s security, we open the door to entirely new financial instruments and services.”

Dan Gambardello, a popular YouTuber and X content creator, praised the move and highlighted that it is a part of the ingredients for a potential ADA price surge to $10.