Wallets holding at least 1 million Cardano (ADA) now control 67.5% of the total supply, the highest concentration recorded since mid-2020.
Key Points:
- Million-token ADA wallets hold a record 25.11 billion coins, or 67.5% of supply.
- Cardano has lost roughly 70% over the past year and 30% in 2026 alone.
- Analysts split on whether whale buying signals a bottom or a stalled network.
ADA Whales Stack Coins
On-chain data from Santiment shows that million-token wallets now hold 25.11 billion ADA, their largest stake since December 2017.
That balance equals 67.5% of the circulating supply, the tightest grip large holders have had on the asset in nearly six years.
The accumulation has run without a break since December 2023, even as ADA shed about 70% of its value over the past year and another 30% in 2026.
Repeated attempts to clear the $0.25 level have failed, leaving the token stuck in a long downtrend while big wallets keep buying. Santiment framed the buildup as a sign of confidence from holders willing to wait.
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Martinez Questions Network Strength
Not everyone reads the accumulation as bullish. Crypto analyst Ali Martinez recently argued that Cardano's actual activity stays small next to its multibillion-dollar valuation.
He noted the network's DeFi ecosystem has never crossed $1 billion in total value locked, trailing rivals like Ethereum and newer chains such as SUI.
Martinez also said Cardano has yet to carve out a clear niche that draws developers and capital, and that its research-first approach has slowed feature rollouts.
The on-chain picture backs the caution. DeFiLlama data puts Cardano's TVL below $125 million, down 82% from nearly $721 million in November 2024.
Death Cross Echoes 2022 Bottom
Cardano's weekly chart now shows a bearish moving average crossover, the so-called death cross, a setup usually read as a warning of fading momentum.
ADA reacted to a near-identical pattern in December 2022, when an oversold RSI preceded a sharp rebound. The indicator sits near those lows again, hinting that selling pressure may be close to exhaustion.
Whether whale buying marks a floor or a trap remains the open question. ADA has spent much of 2026 boxed between roughly $0.24 and $0.28, rejected each time near the $1 zone and unable to hold higher ground.
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