Cardano Whales Accumulate, Holdings Reach Highest Point Since 2017
On-chain data indicates that Cardano addresses holding at least one million ADA have reached their highest combined holdings since 2017. The trend suggests continued accumulation by large Cardano investors.
In a recent post on X, the on-chain analytics firm Santiment discussed the latest developments in the supply distribution among significant Cardano investors. The “Supply Distribution” metric tracks the amount of ADA held by specific wallet groups. These groups are categorized based on the number of ADA tokens held in their balances. For this analysis, the focus is on wallets holding a minimum of one million ADA. At current exchange rates, this equates to approximately $230,000, representing a substantial investment.
Santiment’s chart illustrates the supply distribution trend for these “Cardano millionaire” wallets over the past decade. The graph reveals an upward trend since 2024, indicating that large investors, often referred to as “sharks” and “whales,” have been increasing their ADA holdings.
Santiment noted that accumulation by key stakeholders generally signals confidence from those with the most significant investments and potential gains or losses. Notably, this upward trend has persisted despite the overall bearish sentiment in the cryptocurrency market since the fourth quarter of 2025, suggesting that the price decline has not deterred large investors from accumulating the altcoin.
Following the latest increase, the total holdings of these wallets have reached 25.11 billion ADA tokens, the highest level since December 2017. In terms of supply percentage, these key holders currently control 64.49% of all circulating ADA, the highest share since July 2020.
“As a long-term indicator, this is a bullish signal for those who can be patient enough to hold,” stated Santiment.
However, while accumulation by Cardano whales has been consistent, the indicator warrants continued monitoring. The chart reveals a similar trajectory during the 2022 bear market, followed by a selloff by large holders that drove the coin to its cycle lows.
At the time of writing, Cardano is trading around $0.23, down nearly 6% over the past week.
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