TL;DR

Chainlink and Cardano whales have begun offloading substantial portions of their assets in the past few weeks. Although both altcoins are slightly in the green on a daily scale, their weekly and monthly performances are quite concerning. Large market participants, known as whales, are a crucial part of the cryptocurrency industry as they can bend prices depending on their behavior big purchases typically lead to upcoming gains, and vice versa.

In the case of LINK and ADA, these investors were stacking up big time after the US elections in early November and ahead of Trumps inauguration in mid-January. Their consecutive purchases managed to push LINK above $30 for the first time in over three years, while ADAs peak during this cycle came at over $1.3.

However, both of those multi-year records came in December. Since then, the two cryptocurrencies, as well as most of the market, have been in a state of a freefall. ADA is down by roughly 50% and sits at $0.66 now, while LINK has slumped by 57% to $13.

These declines could be linked again to whales and their change in attitude. In the case of LINK, they have offloaded more than 170 million tokens in less than a month, which have a whopping USD value of $2.2 billion, according to todays prices.

Whales sold over 170 million #Chainlink $LINK in the last three weeks! pic.twitter.com/r8FnAlOuMS

According to Ali Martinez, a popular analyst with over 130,000 followers, LINK has now broken a crucial trendline that held its price for nearly two years.

The landscape around Cardano is not that much brighter. After the March sell-off, ADA whales kept disposing of their assets by selling another 120 million tokens (valued at $80 million) in just two days at the start of April.

Whales sold 120 million #Cardano $ADA in the last 48 hours! pic.twitter.com/U5sTa699tB