Cardano’s price has seen a steep 22% decline over the past week, mirroring the broader market downturn. As of this writing, the eighth-largest cryptocurrency by market capitalization retails at $0.73.

However, its long-term holders (LTHs) remain unfazed. On-chain data shows that they are holding onto their assets rather than selling.

Cardano’s Long-Term Holders Double Down 

There has been a steady trend of HODLing among ADA’s LTHs, as reflected by its rising Mean Coin Age. According to Santiment, this metric’s value is up 1% since March 3. 

An asset’s Mean Coin Age tracks the average age of all its coins in circulation to provide insights into market trends and hodling patterns among investors. 

When it rises, it suggests that investors are holding onto their coins, signaling accumulation and confidence in the asset’s long-term value. This reflects strong hands and hints at a potential bullish outlook for ADA, especially in light of recent broader market headwinds.  

Moreover, ADA whales have increased their accumulation during the period under review, highlighting the surge in positive sentiment toward the altcoin. On-chain data from Santiment shows that large investors holding between 100,000 and 1,000,000 coins have collectively acquired 20 million ADA over the past week. 

When large investor holdings increase like this, it signals strong confidence among key holders. It reduces an asset’s available supply, creating upward price pressure. 

ADA Eyes $0.94 as Buyers Dominate 

On the daily chart, ADA’s Balance of Power (BoP) is positive at 0.30. This indicator compares the strength of buyers and sellers in the market.

When its value is positive, buyers dominate the market, exerting stronger pressure than sellers. The bullish signal suggests upward momentum, which, if sustained, will lead to further ADA price appreciation.

In this instance, the coin’s price could rally toward $0.94. If this resistance is flipped into a support floor, ADA’s price could jump to $1.16.

However, if sellers regain dominance, the coin’s price could fall to $0.60.

Bitcoin ETF outflows have nearly amounted to $750 million in the last two days as the crypto market consistently fell. BlackRock, the largest issuer, has offloaded around 2,000 BTC in the previous 24 hours.

Together, the ETF issuers sold off enough BTC that they collectively hold less than Satoshi. They surpassed him three months ago and continued buying huge amounts of Bitcoin, indicating truly massive sales.

Bitcoin ETF Outflows Continue

Since the Bitcoin ETFs first got SEC approval last year, they’ve had a transformative impact on the market. Lately, however, they’ve been turning bearish.

Towards the end of February, the market saw $2.7 billion in outflows, and this trend continued. The last four consecutive weeks had outflows, and the market already lost nearly $750 million this week alone.

This marks the seventh consecutive day of outflows for this ETF market. IBIT, BlackRock’s product, led these losses with $151 million in the last 24 hours.

In mid-February, some analysts began speculating that BlackRock would begin selling its Bitcoin, and ETF analyst Shaun Edmondson noticed how large of a trend it’s becoming:

“I know the markets are very ‘risk off’ at the moment with the Tariff uncertainty, but this is yet another outflow day from the US Spot ETFs, collectively now falling below Satoshi again. Given the bullish narrative from the SEC, Strategy raising 21 billion, State [Bitcoin Reserve] race and National [Bitcoin Reserve] bill, I find this a little surprising,” Edmondson claimed.

BlackRock alone has offloaded around 2,000 BTC since Edmondson posted yesterday’s daily tallies. It’s unclear how far the ETF issuers want to take this trend, but these Bitcoin sales are very concerning.

These issuers surpassed Satoshi’s Bitcoin holdings in December, so these outflows have already eaten up three months’ worth of vociferous purchasing.

Still, despite this ETF pessimism, Bitcoin’s actual price could be doing a lot worse. The entire crypto market has been hit with massive outflows, and BTC fell accordingly.

However, the US CPI report this morning was better than anticipated, which allowed Bitcoin a little breathing room. It’s anyone’s guess, however, how long this reprieve will actually last.

Binance announced today that MGX, a sovereign wealth fund from Abu Dhabi, invested $2 billion in the company. The transaction happened entirely using stablecoins.

This is both the largest investment ever made in a crypto-related business and the largest investment ever made using cryptoassets. Binance didn’t specify which stablecoin was used, but the UAE has favored Tether products in the past.

MGX Makes Record Binance Investment

The United Arab Emirates has recently been positioning itself as a crypto hub, and Abu Dhabi is a particular region of interest. MGX, an Abu Dhabi-based Web3 fund that has already made massive AI investments, has today announced a record investment in Binance.

Changpeng “CZ” Zhao, former CEO of Binance, also shared this news on X (formerly Twitter).

“MGX, an Abu Dhabi sovereign wealth fund, invests $2 billion in Binance for a minority stake. The transaction will be 100% in crypto (stablecoins), marking it the largest investment transaction done in crypto to date. This is also the first institutional investment Binance has taken. Onwards,Build!” CZ wrote.

Binance, the world’s largest crypto exchange, also corroborated these claims with its own press release. This MGX investment isn’t Binance’s first entanglement with Abu Dhabi, as the firm considered setting up a headquarters there.

However, in 2023, CEO Richard Teng scrapped its UAE license application, signaling a shift away from the nation.

Since then, however, interest has shifted back. The firm’s press release claimed that roughly one-fifth of its workforce is based in the UAE, for example.

Teng called the development a “significant milestone” and said Binance is “committed to working with regulators worldwide.” This MGX investment will likely increase economic ties in the region.

“We are excited to announce the first-ever institutional investment in Binance by MGX. This is a significant step in advancing digital asset adoption and reinforcing blockchain’s role in global finance,” Binace annouced on X.

Also, Binance claimed that MGX made this $2 billion investment entirely in stablecoins. Last August, Tether launched a stablecoin pegged to the UAE’s currency, and Abu Dhabi subsequently recognized USDT as an Accepted Virtual Asset.

Binance’s announcements have been surprisingly light on the exact details of its future relationship with MGX.

However, they were very clear that it was a big deal. This marks the largest-ever investment in a crypto firm and the largest investment paid entirely in cryptocurrency. Wherever the partnership goes from here, it has already made history.

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