Large Cardano holders have continued to increase their exposure to $ADA, even as the asset has faced a prolonged market downturn.
Santiment data shows that Cardano millionaires have been buying $ADA increasingly since December 2023, gradually tightening their control over the circulating supply. This persistent acquisition, regardless of market uncertainties, has seen their stash reach unprecedented heights.
Key Points
- Cardano millionaires have been buying $ADA increasingly since December 2023.
- Wallets holding at least 1 million $ADA now collectively control 25.09 billion $ADA, marking a new all-time high.
- These $ADA millionaires now hold 67.47% of the asset’s current supply in circulation.
- The accumulation trend stands out because it continued throughout one of Cardano’s weakest market periods in recent years.
Cardano Whales Cross 25 Billion Token Threshold
Specifically, wallets holding at least 1 million $ADA now collectively hold 25.09 billion $ADA, marking a new all-time high in the amount of Cardano held by these addresses. An accompanying chart shows that their holdings have continued to expand since late 2023, climbing 14% from around 22 billion to their current level.
Meanwhile, these $ADA whales now hold 67.47% of the asset’s current supply in circulation. This is the highest share of supply they have held since July 2020, as they continue to accumulate the tokens that weak hands are selling amid the price weakness.
Notably, such accumulation reflects real conviction in Cardano’s future price trajectory. These major holders still view current $ADA prices as attractive relative to how high it could go in the mid- to long-term.
$ADA Whales Accumulate Despite 71% Dip
Moreover, the accumulation trend stands out because it continued throughout one of Cardano’s weakest market periods in recent years. Over the past nine months alone, $ADA’s market capitalization has dropped by roughly 71% to $9.5 billion, reflecting broader weakness across the altcoin sector and declining speculative activity.
Its price has also followed suit. In August 2025, $ADA reached an intra-month high of $1.02 but has since dropped 74.5% to the current market price of $0.26.
Despite that decline, however, larger holders never significantly reduced their positions. Instead, these $ADA millionaire wallets consistently added to existing balances.
Historically, extended accumulation phases from larger wallets often emerge during periods of low market confidence, especially when retail participation declines after prolonged corrections.
Recent analysis also identified a similar accumulation activity among holders of at least 10 million $ADA. The number of addresses in this category ballooned to a 4-month high in April, highlighting heavy accumulation among large market participants. Notably, such activity drives the next recovery phase.
Cardano Market Activity Shows Uncertainty
While whale accumulation has remained consistent, current market activity shows uncertainty.
Cardano futures outflow has continued to grow in the past 24 hours, as more traders exit their derivative positions. Specifically, $177 million flowed out while $162 million flowed in, reflecting this cautious stance.
The decline in $ADA open interest further confirms this. The value of all open futures contracts across all exchanges has dropped 3.58% to $543 million in the past 24 hours, as derivative traders start to look elsewhere.
However, Cardano spot flows show more $ADA tokens are leaving exchanges than entering over the past 24 hours. Net inflows stand at -$3 million, as retail traders appear to have started buying $ADA, further reducing selling pressure.
