Large-scale investors on the Cardano blockchain have continued amassing ADA over the past two years, even as overall network activity has slowed considerably. According to data from on-chain analytics firm Santiment, wallets holding at least one million ADA now control 25.09 billion ADA in total. This figure accounts for 67.47 percent of the current circulating supply, marking the highest concentration of whale holdings on Cardano since July 2020. The accumulation trend has carried on steadily since December 2023.
Sharp declines in ADA price and market capitalization
ADA, Cardano’s native token, has shed 71 percent of its market capitalization over the past nine months. Despite this significant drop, major investors have continued to purchase ADA in the face of weak prices. During Asian trading hours, ADA was last seen changing hands at $0.27, with its total market value standing at $9.96 billion.
Historically, wallets holding one million ADA or more have now reached the highest share of ADA in circulation. Notably, this whale accumulation is happening in the midst of a decline, not just after the prices fell.
Signs of contraction in Cardano’s DeFi ecosystem
Meanwhile, key indicators in Cardano’s decentralized finance (DeFi) ecosystem show a persistent weakening trend. According to DefiLlama, total value locked on Cardano has dropped to $137 million, representing a roughly 80 percent fall from its December 2024 peak.
Daily decentralized exchange (DEX) trading volume on Cardano registered at $1.95 million. In the past 24 hours, the network generated $1,767 in transaction fees, with total reported revenue for the period coming in at $353. The count of active wallets over the day measured 15,975.
Long-term investor focus dominates
The available data suggests that rather than being used frequently for short-term, on-chain transactions, ADA is primarily being accumulated for long-term investment purposes. A large portion of investors continue to amass ADA despite the ongoing decline in its price.
Low transaction volumes, declining DeFi activity, and a modest number of active wallets all point to a patient approach among Cardano’s major holders at the moment.
Notably, while ADA remains among the top ten largest cryptocurrencies by market capitalization, it has recently delivered some of the weakest performances in its peer group.
According to CryptoAppsy data, ADA traded at $0.27 during Asian market hours.
The current concentration of ADA among large holders, along with dropping price and blockchain activity, underscores the contrast between investor accumulation and the broader ecosystem’s sluggishness.
Despite subdued activity in the Cardano network, major investors are betting on the asset’s long-term prospects, signaling continued belief in ADA’s future growth potential.
