Cardano's biggest holders are piling in. Addresses that hold at least 1 million ADA now collectively own 25.11 billion tokens — the highest total since December 2017. That's 64.49% of all ADA in circulation, a concentration level not seen since July 2020. All this despite a crypto market that's been sliding since late last year.
The whale numbers
The accumulation trend among these so-called millionaire wallets has been running since 2024. It didn't stop when the broader market turned bearish in Q4 2025. At last check, ADA was trading around $0.23, down nearly 6% over the past week. That puts the token well off its highs, but the big money keeps buying.
What Santiment flagged
Market intelligence platform Santiment notes that similar accumulation patterns played out during the 2022 bear market. Back then, large holders built up positions before eventually selling off — and that sell-off coincided with cycle lows. The question now is whether this time is different or if history repeats.
The bear market backdrop
The broader crypto market has been under pressure since Q4 2025. Bitcoin and most altcoins have seen sustained declines. But Cardano's whale cohort isn't backing off. They've added steadily to their stacks, pushing the concentration metric to multi-year records. That kind of behavior usually signals conviction — or at least a bet on a turnaround.
Whether these whales hold or start distributing in the coming months will be the key metric to watch. Santiment's 2022 comparison hangs over the rally, unresolved.
