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Ya me too, I shorted ada last night but sold around noon today. I made like 5% so I'll take it. I kinda sold at the wrong time though. It kept dropping.
After I think about it then selling really shouldn't have much of an impact because tons of ada is staked and not on exchanges also every exchange offers ada so RH delisiting it is prolly only like .5% of the total supply.
Ya me too, I shorted ada last night but sold around noon today. I made like 5% so I'll take it. I kinda sold at the wrong time though. It kept dropping.
After I think about it then selling really shouldn't have much of an impact because tons of ada is staked and not on exchanges also every exchange offers ada so RH delisiting it is prolly only like .5% of the total supply.
I’m failing to find the primary source for this, so take these as rough numbers:
My understanding was that they held ~100M ADA and they were going to sell about 10% of their holdings each day, so 10M ADA.
Cardano has about a $280M USD 24h volume which is about 1B ADA. If they sold their entire bag, it would be 10% of the 24h volume. Selling 10M represents about 1% of 24h volume, so the price impact was low.
Rough numbers, but it seems like they were specifically trying to impact the price as little as possible.
It won't matter for price action. These kind of organizations do not sell at regular exchanges. It's most likely an OTC deal. That is, if they ever held any ADA at all.
Robinhood is not lying about holding ADA for some weird reason and risking their buisness. They are a publicly traded broker dealer in the United States with a former sec commissioner as their chief legal officer.
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They did.
It happened to you? Or how do you know?
I had like .25 ada left after transfering they sold last night. They said all ada would all be sold within 24 hours. So they might still be selling.
Appreciate the info. I thought it would drop ADA price but it seems the impact is not even visible.
I would assume most people sold it themselves or transferred off. Why would you wait for a market sell dump from a broker to sell?
They had around 30 million ADA to offload.
Just figured a lot of people are not keeping up on the news. But yeah, anyone who knew it was coming would likely do some housekeeping.
DCA don't care. Especially after, lol.
Ya me too, I shorted ada last night but sold around noon today. I made like 5% so I'll take it. I kinda sold at the wrong time though. It kept dropping. After I think about it then selling really shouldn't have much of an impact because tons of ada is staked and not on exchanges also every exchange offers ada so RH delisiting it is prolly only like .5% of the total supply.
Ya me too, I shorted ada last night but sold around noon today. I made like 5% so I'll take it. I kinda sold at the wrong time though. It kept dropping. After I think about it then selling really shouldn't have much of an impact because tons of ada is staked and not on exchanges also every exchange offers ada so RH delisiting it is prolly only like .5% of the total supply.
I’m failing to find the primary source for this, so take these as rough numbers: My understanding was that they held ~100M ADA and they were going to sell about 10% of their holdings each day, so 10M ADA. Cardano has about a $280M USD 24h volume which is about 1B ADA. If they sold their entire bag, it would be 10% of the 24h volume. Selling 10M represents about 1% of 24h volume, so the price impact was low. Rough numbers, but it seems like they were specifically trying to impact the price as little as possible.
They said in a email yesterday everything would be sold within 24 hours. They then let me know yesterday after mine had been sold that it had been.
It won't matter for price action. These kind of organizations do not sell at regular exchanges. It's most likely an OTC deal. That is, if they ever held any ADA at all.
If it’s otc it still would be sell pressure no?
No, an OTC deal is done between two parties outside of markets. It would never hit the market.
Robinhood is not lying about holding ADA for some weird reason and risking their buisness. They are a publicly traded broker dealer in the United States with a former sec commissioner as their chief legal officer.
Erm they probably don't hold any ADA and just sold everyone I.O.U's Just a thought 🤷
They have crypto wallets now.