Cardano’s biggest holders are loading up on ADA like it’s a clearance sale. And given the token’s price action over the past year, that comparison isn’t far off.
On-chain data from Santiment shows that wallets holding at least 1 million ADA have amassed a combined balance of roughly 25.1 billion tokens, accounting for approximately 67.5% of Cardano’s circulating supply. That’s the highest concentration since July 2020, more than five years ago, when the broader crypto market was still warming up for its next bull cycle.
Whales buy, retail sells
The accumulation trend among major stakeholders has been consistent since December 2023. One cohort alone has added hundreds of millions of tokens even as ADA’s price cratered. The token has fallen more than 70% over the preceding nine months and dropped over 20% year-to-date in 2026, trading at approximately $0.27 in mid-May with a market cap hovering around $10 billion.
Smaller retail wallets, meanwhile, have been doing the exact opposite. Net selling among these holders has accelerated, with larger wallets scooping up over 150 million ADA in early 2026 during the retail sell-off.
