Cardano community concerned over Robinhood and Celsius selling ADA
Recent discourse in the Cardano community revolves around the potential significant liquidation of ADA by Robinhood and Celsius.
In the Cardano ecosystem, a wave of concern is spreading over the possibility of a large-scale liquidation of the ADA token by Robinhood and Celsius. The reasons behind the decisions of these two platforms differ, but the specter of a considerable sell-off has triggered some alarm bells within the community.
Opinions within the Cardano community are notably diverse. Some are of the view that such a large-scale disposal would not be a unique occurrence for the ADA, downplaying negative conjectures as manifestations of fear, uncertainty, and doubt.
They argue that the cumulative holdings of both Robinhood and Celsius constitute a small proportion of the total ADA trading volume, and holders have been provided with ample opportunity to migrate their ADA holdings to alternate wallets.
Supporters of this view assert that the market has already assimilated the impending event, and that the pervasive pessimism surrounding it is having a larger impact than the actual sales.
Yet, there are some in the community who find themselves at odds with this situation.
They highlight that Robinhood has announced a cutoff date of June 27, post which all remaining ADA will be unloaded at the going market rate. Jump Crypto, tasked with managing Robinhood’s crypto assets, will be obligated to immediately divest itself of its remaining ADA holdings.
Celsius, on the other hand, enjoys greater flexibility and is expected to phase out its ADA holdings over a prolonged period. The core question that remains is the path that Jump will take in this scenario, with options spanning from an off-market sale to transferring the assets to centralized exchanges.
The Cardano community is keeping a close watch on the evolving situation, as the prospect of significant ADA offloads by Robinhood and Celsius remains a real possibility.
