Cardano Millionaires Collectively Hold 25.11B ADA, Highest Since December 2017

While retail traders panicked, Cardano millionaires have been buying the fear, pushing their holdings to levels last seen in nine years.

Data from Santiment Intelligence shows that one of the largest Cardano (ADA) holder cohorts has continued increasing their exposure, despite market uncertainties. Specifically, wallets containing at least one million ADA are now controlling the biggest share of supply since December 2017.

Key Points

• Wallets containing at least one million ADA collectively hold roughly 25.11 billion ADA, the highest in nine years
• These Cardano millionaires now hold nearly 67.5% of ADA’s circulating supply, a level not seen since July 2020.
• This accumulation has continued despite the weak Cardano price action.
• History shows that persistent accumulation among larger holders is a bullish indicator, especially for patient holders.

Cardano Millionaires Expand Holdings

The latest on-chain data shows these high-value addresses collectively holding roughly 25.11 billion ADA, marking their highest combined balance in over nine years. With the persisting accumulation, these wallets now hold nearly 67.5% of ADA’s circulating supply, a level not seen since July 2020.

Notably, this is a slight improvement from the 67.47% reported earlier in the month when they collectively held 25.09 billion. This meant that these whales had added over 200 million ADA in days, even as prices remained unstable.

A shared chart highlights a consistent increase in accumulation among larger Cardano holders since early 2021. After declining from 2017 highs, the total amount of ADA held by millionaire wallets began recovering and has now pushed toward fresh multi-year highs.

ADA Whale Accumulates Despite Price Weakness

What is impressive about this accumulation is that it continued despite weak price action. ADA’s price peaked at $3.10 in September 2021, and while these wallets’ holdings dropped slightly as its price fell, it recovered and continued trending higher.

Currently, Cardano remains well below its historic peak levels, dropping over 90% to the price of $0.23. Yet, accumulation has not slowed, with whales leveraging the decline to buy more at a discounted price.

This has created a notable divergence between market sentiment and whale accumulation. While retail enthusiasm around Cardano has cooled compared to previous cycles, larger wallets appear to have continued building exposure quietly in the background.

Long-Term Confidence in Cardano Intact

Notably, market activities among large wallets usually attract attention because these addresses typically hold longer than retailers. Santiment noted that when holdings among top wallets continue increasing during weaker price periods, it comes across as a sign of growing confidence in ADA’s long-term trajectory.

This does not automatically guarantee stronger price performance in the near term. However, the analysis noted that history shows that persistent accumulation among larger holders is a bullish indicator, especially for patient holders.

In the meantime, ADA is struggling like the rest of the market, down 5% in the past 24 hours. Trading volume has increased 28% to $537 million, while open interest has dropped 4% to $497 million in the same timeframe. 

Most importantly, Cardano continues to hold the $0.22 local support despite price weakness, which is a positive sign. Breaking this level could spark further downsides and dampen hopes of a rebound in the near-term.