Solana whales offload millions, eyes payrolls

April 04, 2025

Reading time: 5 minutes

Cardano’s privacy push and $150M whale surge could change the game for ADA

Key points:

  • Cardano Foundation unveiled Veridian, a new decentralized identity platform and wallet.

  • ADA whales purchased 230M tokens ($150M+) in 72 hours, pushing price toward $0.70.

News - Cardano’s ecosystem is heating up with major developments on both the tech and trading fronts. On April 5, the Cardano Foundation launched Veridian, an open-source identity platform accompanied by the Veridian Wallet, designed to let users prove their identity online without compromising privacy.

The tool tackles growing data breach threats—1.7 billion records were compromised in the U.S. last year alone. Veridian enables identity verification for sectors like healthcare and finance without central intermediaries, and integrates with the Cardano blockchain for enhanced security. The wallet offers a self-sovereign solution, allowing individuals and businesses to control how their data is shared.

Privacy meets decentralization - Veridian empowers users to verify identities without relying on traditional intermediaries or exposing sensitive details. Its Cardano-based infrastructure adds a trust layer that’s attractive to enterprises seeking secure, transparent, and decentralized digital ID systems. Businesses can also customize the wallet to fit their own workflows.

Whales bet big on ADA recovery - While the Veridian launch reinforces Cardano’s fundamentals, whales appear bullish on its price trajectory. In just 72 hours, large holders scooped up over 230 million ADA worth more than $150 million. This buying spree comes as ADA trades at $0.65, showing signs of strength above the $0.62 support.

With ADA nearing the $0.70 resistance, roughly $15 million in short contracts are at risk of liquidation—raising the odds of a short squeeze. If that threshold is breached, the price could rally further, with $0.77 eyed as the next target. Failure to flip $0.70, however, could send ADA back to $0.58.

Between growing institutional-grade tools like Veridian and bullish whale moves, Cardano could be setting the stage for a breakout moment in Q2 2025.

Solana whales dump $50M in SOL after $200M unlock, eyes on jobs report

Key points:

  • Solana whales dumped over $50M in SOL after a four-year staking unlock.

  • Market volatility expected as U.S. jobs data looms, with SOL IV signaling a 6% swing.

News - Solana (SOL) saw a major shake-up this week as whales unloaded tens of millions worth of tokens, triggering volatility concerns and weighing on price action.

According to Arkham Intelligence, four Solana whale addresses unlocked 1.79 million SOL — initially staked in April 2021 and now valued at over $200 million — in what was the largest single-day staking unlock for the network. Since then, these wallets have offloaded over 420,000 SOL worth around $50 million, with one address alone selling 260,000 SOL (~$30M), per Lookonchain data.

Despite the sell-off, the four wallets still collectively hold 1.38 million SOL, now valued at $160 million, leaving the market wary of further downside pressure.

Whale activity adds pressure to SOL price - The unlock coincides with a recent dip in SOL’s price — from $131.11 on April 2 to around $114.66 at press time, a 12% drop in two days. While the selling spree accounts for less than 1% of SOL's daily $4.7 billion volume, its timing could not be worse for already jittery markets.

Solana isn’t new to massive unstaking events either. In March, bankrupt exchange FTX and Alameda Research offloaded over 3 million SOL worth $431 million. Since November 2023, the duo has sold 7.83 million tokens, adding to downward pressure.

All eyes on U.S. jobs data - Meanwhile, macroeconomic factors loom large. Volmex's implied volatility index for SOL sits at 109.7% (annualized), indicating a potential 24-hour price swing of nearly 6%. This comes as the market awaits the U.S. non-farm payroll report, which could sway Fed rate-cut expectations and investor sentiment across crypto.

If the report points to slowing job growth, it could renew hopes for looser monetary policy — possibly offering a breather to SOL and other risk assets.

Bitcoin dips as China hits back: 34% tariff escalates trade war

Key points:

  • China announces 34% retaliatory tariffs on all U.S. goods starting April 10.

  • Bitcoin drops 3% to $82K, erasing early gains; Long/Short ratio falls below 1.

  • Market sentiment deteriorates amid broader equity declines and recession fears.

News - China reignited global trade tensions on April 4 by imposing a sweeping 34% tariff on all U.S. imports, a direct response to U.S. President Donald Trump’s earlier tariff hike to 54% on Chinese goods. The move triggered risk-off sentiment across global markets, sending shockwaves through equities and crypto.

Bitcoin (BTC), which had momentarily rallied to $84,600, reversed course and tumbled 3% to around $82,000. Other top cryptos including ETH, XRP, and SOL also slipped. The Bitcoin Long/Short ratio dropped below 1, a sign of increasing short-selling pressure as investor uncertainty grows.

Meanwhile, futures tied to the S&P 500 and Nasdaq plunged over 2% as market watchers processed the escalating standoff between the world's two largest economies. Analysts warned that this round of tariffs could further disrupt trade flows and corporate supply chains, amplifying recession risks.

Impact on Bitcoin and miners - With the U.S. now facing a 34% levy on all Chinese imports, American crypto miners may be hit particularly hard. China remains the dominant source of mining equipment, and steeper import costs could erode mining margins and delay hardware upgrades.

However, some analysts see a potential silver lining. If trade tensions continue to devalue fiat currencies or raise inflation, Bitcoin could reassert itself as a hedge against centralized monetary disruption. "Bitcoin isn't a classic safe haven, but it thrives in chaos," said Nexo’s Stella Zlatarev.

What’s next? - Despite immediate volatility, Bitcoin remains well above key support at $79K, buoyed by $220M in ETF inflows and ongoing accumulation by both short- and long-term holders. Still, with global equities under pressure and the Fed closely watching jobs data, the macro backdrop remains highly volatile. All eyes are now on the next moves from Washington and Beijing.

Coinbase files for XRP Futures amid regulatory easing

Key points:

  • Coinbase Derivatives to launch XRP futures on April 21, pending CFTC approval.

  • Illinois becomes fourth U.S. state to drop staking lawsuit against Coinbase.

News - Coinbase Derivatives has filed with the U.S. Commodity Futures Trading Commission (CFTC) to self-certify XRP futures contracts. Each monthly cash-settled, margined contract—trading under the ticker XRL—will represent 10,000 XRP and be paused if the spot price moves more than 10% in an hour. The contracts could go live by April 21, offering a regulated gateway for traders to gain exposure to one of crypto’s most liquid assets.

Coinbase’s move follows March’s XRP futures launch by Bitnomial and arrives as ETF speculation builds. Polymarket bettors currently assign a 74% probability for XRP ETF approval in 2025.

Illinois retreats from staking lawsuit - The timing aligns with mounting legal wins for Coinbase. Illinois has become the fourth U.S. state to withdraw its lawsuit over the company’s staking services—joining Kentucky, Vermont, and South Carolina. These lawsuits, originally filed in mid-2023, accused Coinbase of offering unregistered securities through its staking program.

The withdrawals follow the SEC’s February decision to drop its own case against the exchange, signaling a broader regulatory shift under the current U.S. administration. Cases remain active in six states, including California and New Jersey.

Momentum builds behind Coinbase and XRP - Coinbase’s filing and legal victories may renew institutional confidence in XRP—especially following Ripple’s own regulatory breakthroughs. Meanwhile, Illinois’ introduction of a Bitcoin strategic reserve bill further reflects shifting state-level sentiment toward crypto adoption and infrastructure.

With XRP funding rates still negative on major exchanges, the upcoming futures launch could also recalibrate market sentiment and positioning in the weeks ahead.

Crypto scams uncovered

  • Hackers have been selling fake Android smartphones preloaded with the Triada malware, which secretly hijacks clipboard data and replaces wallet addresses. Over 2,600 users—mostly in Russia—have fallen victim, unknowingly sending funds to attacker-controlled wallets.

  • As Toncoin gains popularity, scammers are flooding Telegram with fake bots and channels posing as official tools. These malicious bots trick users into sharing private keys, allowing hackers to gain access and empty their TON wallets.

  • A new wave of scams on Twitterinvolves fake DMs claiming users have received crypto on unknown platforms. Victims are directed to phishing websites mimicking exchanges, where entering login details results in instant wallet theft.

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Top 3 coins of the day

Cosmos (ATOM)

Key points:

  • At press time, ATOM was trading at $4.73, reflecting a 1.72% increase over the last 24 hours.

  • The RSI hovered near 54, while the Parabolic SAR hinted at bullish momentum continuing.

What you should know:

ATOM’s price saw a modest uptick over the past day, recovering to the $4.73 mark. This move came on the back of a broader bullish sentiment forming across the market, with Cosmos gaining traction due to renewed interest in its ecosystem and upcoming staking developments on eToro. The token appeared to be following a bullish breakout pattern after weeks of sideways consolidation. The Relative Strength Index (RSI) stayed just above neutral at 54, suggesting there is still room for upward movement before overbought conditions might be triggered. Meanwhile, the Parabolic SAR placed dots below the candlesticks, traditionally interpreted as a bullish signal supporting upward price action. Investors may want to monitor the $5.00 psychological resistance zone closely. A confirmed breakout above this level could open the gates for a sustained rally in the coming sessions.

Filecoin (FIL)

Key points:

  • At press time, FIL was trading at $2.75, up by 1.06% over the last 24 hours.

  • The MACD indicator flashed a potential bullish crossover, while Parabolic SAR shifted to support the uptrend.

What you should know:

FIL’s price recorded a mild daily gain, but the bigger story unfolded earlier when the token briefly surged by over 30% following its listing on South Korea’s Upbit exchange. The unexpected spike in trading activity boosted bullish sentiment, pushing FIL into the spotlight after weeks of sideways movement. The Parabolic SAR dots flipped below the candlesticks, typically viewed as a sign of a potential upward trajectory. In addition, the MACD line appeared to be approaching a bullish crossover with the signal line, suggesting the momentum could favor buyers if volume sustains. That said, traders may want to keep an eye on the $3.00 resistance level. A convincing breakout above that zone might strengthen bullish conviction, though the coin may also witness volatility as the market absorbs the post-Upbit listing effect.

Toncoin (TON)

Key points:

  • At press time, TON was trading at $3.37, marking a 6.12% drop in the last 24 hours.

  • The DMI indicated weakening bullish strength as the +DI line approached a bearish crossover with the -DI.

What you should know:

Toncoin extended its recent downtrend after failing to hold above the psychological $4 level, triggering a 6% daily loss. This price action aligned with broader concerns over the asset’s ongoing volatility, as noted in recent market reports. A prior bullish phase appears to be fading, with sellers taking advantage of fading momentum. The 9-day SMA acted as dynamic resistance during the decline, and the Directional Movement Index (DMI) signaled caution—showing a potential bearish crossover between the directional lines. While the ADX line suggested a strong trend, the shift in direction pointed to growing uncertainty. Unless TON finds support near the $3.20–$3.30 zone, bears may remain in control. Traders should monitor whether the DMI crossover plays out fully or gets invalidated by renewed buying volume.

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