Cardano Whale Withdraws $54 Million from Coinbase Amid Price Dip

An on-chain transaction has revealed a significant movement of Cardano (ADA) involving a whale entity. Approximately 67.8 million ADA, valued at over $54.3 million, was transferred from a wallet linked to Coinbase to an unknown self-custodial address.

This type of transfer is known as an exchange outflow, indicating the investor's intention to hold the asset long-term outside of a centralized exchange.
The move comes at a time when ADA is down significantly from its peak earlier in September, suggesting a possible strategic purchase at lower prices by the whale.

In contrast, another large transaction involving XRP saw a whale transfer 18 million tokens, worth about $51.4 million, into Coinbase, signaling a potential intent to sell or trade.

Currently, Cardano's price is around $0.79, having decreased almost 4% over the past week.