Exchange flows show investors are getting increasingly bullish on Cardano.
Holders of Cardano’s ADA token removed around $175 million from exchanges since Nov. 22, in four straight days of net withdrawals, marking the steepest net outflows since September 2021, according to Coinglass data. The move points to increased confidence in the asset’s long-term potential.
Experts believe this trend reveals growing confidence among ADA holders as they shift assets to private wallets. When holders withdraw tokens from exchanges, it can indicate they intend to hold rather than sell. That’s because tokens stored in private wallets are less accessible for trading, which reduces the available supply. In turn, this can drive prices up due to decreased selling pressure.
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#undefined [Source: TheDefiant]