Cardano Whales Accumulate Record Share of ADA Tokens Amid Market Decline

Large holders of Cardano's ADA token have been quietly accumulating tokens for over two years, reaching an all-time high share of 67% since July 2020. According to data from Santiment, wallets holding at least one million ADA now control 25.09 billion tokens, representing a significant increase in concentration among whale holders.

The accumulation trend has been uninterrupted since December 2023, despite a 71% drop in market value over the past nine months. This suggests that large holders have been buying into price weakness, rather than capitalizing on on-chain opportunities.

Cardano's DeFi footprint, however, has declined significantly. Total value locked sits at $137 million, down from a December 2024 peak of around $686 million, an 80% drop, per DefiLlama data. Daily DEX volume across the entire chain is $1.95 million.