Cardano (ADA) whales increased their holdings in late June even as on-chain activity cooled. Wallets in the 10 million to 100 million ADA range lifted their share of supply while transactions and smart contract use fell to multi-week lows.
On June 22, Strategy sold $335.5 million of its own common stock, set aside roughly $300 million of it in cash to bring its reserve up to $1.4 billion, and bought a total of 520 Bitcoin with what was left.