Cardano Whales Are Accumulating Again

Large Cardano holders are quietly building their positions to levels not seen in years, according to fresh on-chain data from analytics platform Santiment.

Whale Holdings Hit Multi-Year Highs

Wallets holding at least 1 million $ADA now collectively control 25.11 billion tokens, their highest level since December 2017, per Santiment. That represents 67.49% of Cardano's circulating supply, the highest concentration recorded since July 2020.

Santiment noted that these major holders, often referred to as sharks and whales, have steadily increased their positions since December 2023. This accumulation trend has continued even as ADA lost roughly 71% of its market capitalisation over the past nine months.

While retail traders continue contributing to selling pressure, on-chain data tells a different story for large holders. Whale wallets have kept accumulating ADA aggressively, signalling growing long-term confidence despite weak price action.

What the Data Signals

Santiment describes the behaviour as a steady accumulation phase by sharks and whales who appear content to increase their positions while prices remain significantly below previous highs. Historically, when whale wallets steadily expand their holdings during weak market conditions, it often points to growing conviction in an asset's long-term potential.

The supply picture is further tightened by staking dynamics. About 58% of circulating ADA, roughly 21 billion tokens, is actively staked across pools. Unlike Ethereum, Cardano staking requires no lock-up and carries no slashing risk, which encourages holders to keep tokens parked rather than returning them to exchanges. When whales accumulate while a large share of circulating supply is also staked, the pool of truly liquid ADA can become much smaller than the headline circulating figure suggests.

On the institutional front, ADA ETF speculation is building after CME Cardano futures launched, with firms including VanEck, Bitwise Asset Management, 21Shares, and Grayscale Investments linked to ADA-related products. In February 2025, Grayscale filed to create an exchange-traded fund for Cardano with the U.S. Securities and Exchange Commission.

For now, the on-chain trend is clear: Cardano's largest stakeholders are accumulating, not retreating.

Sources:
Coinpedia: Cardano Whales Accumulate Record ADA Holdings
Coin Edition: Cardano Whales Accumulate 25B ADA
The Cryptonomist: Cardano ADA Supply Shock Returns as Whales Tighten the Liquid Float