Cardano whales amass 67% of ADA supply, highest since 2020

Large holders of Cardano’s ADA token have been steadily accumulating over the past two years, even as activity on the blockchain itself has slowed considerably. According to data from Santiment, wallets holding at least one million ADA now control 25.09 billion tokens, which is an all-time high. This represents 67.47% of the existing supply, marking the highest concentration of whale ownership since July 2020. The accumulation trend has been continuous since December 2023.

Interestingly, this buying spree comes during a prolonged price decline. ADA has lost about 71% of its market cap over the last nine months. That suggests the largest holders are buying into weakness rather than waiting for a recovery. It’s a bit of a contrarian move, I suppose.

Meanwhile, Cardano’s DeFi ecosystem tells a different story. Total value locked on the chain has dropped to just $137 million, down sharply from a peak of around $686 million in December 2024 — an 80% decline, according to DefiLlama. Daily decentralized exchange volume across the entire network is a mere $1.95 million. Chain fees over the past 24 hours were only $1,767, with chain revenue at $353. Active addresses on a daily basis stand at 15,975.

A chain in quiet mode

These numbers paint a picture of a blockchain where the main token is being accumulated for long-term holding rather than to support on-chain activity. There’s not much happening in terms of trading or lending on Cardano right now. The whales seem to be betting on future value, not current utility.

ADA was trading at $0.27 during Asian hours on Friday, giving it a market cap of $9.96 billion. The token has been one of the worst performers among the top 10 cryptocurrencies since the broader market peaked in late 2024. And the whale accumulation we’re seeing has been happening throughout that drawdown, not as a reaction after the fact.

A long view from big holders

It’s hard to say whether this trend signals confidence or just a stubborn belief among large investors. Either way, the data suggests that the biggest players are not panicking. They are, in fact, adding to their positions when prices are low and on-chain activity is minimal.

For now, Cardano remains a relatively quiet corner of the crypto world, but the whale behavior is worth watching. If the market turns, these accumulated tokens could have a big impact on price action.

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