Large investors holding between 100,000 and 100 million Cardano (ADA) have rapidly accumulated more than 25.6 billion ADA, taking significant supply off the market at a pace not seen since early 2023. On-chain data from analytics platform Santiment revealed that these “shark” and “whale” wallets raised their holdings by 1.8% over the past four months, returning to levels observed in February 2023.
Retail capitulation marks ADA multi-year lows
During the same period, smaller holders—wallets holding up to 100 ADA—decreased their positions by 0.7%. This outflow from small retail wallets comes amid a prolonged price downturn, which pushed ADA to multi-year lows in 2026. The ongoing negative sentiment has led many individual investors to abandon the asset, reflecting a classic scenario in which major players acquire ADA while retail participants lose confidence.
| Wallet Type | ADA Holding | Change (Last 4 Months) |
|---|---|---|
| Sharks & Whales (100,000 – 100 million ADA) | 25.6 billion ADA | +1.8% |
| Small Retail (up to 100 ADA) | N/A | -0.7% |
This pattern suggests that while retail holders are reducing their exposure, larger investors are capitalizing on discounted prices by buying up available supply.
Throughout the recent downturn, accumulation by large holders has intensified, as retail sentiment remains particularly negative and smaller investors scale back their positions.
Development activity and scaling efforts continue
Despite the difficult price environment, project developers have maintained steady progress on Cardano’s technical roadmap. In late June, the Musashi Dojo, a testnet for the forthcoming Leios upgrade, was launched, aiming to multiply transaction throughput and improve network scalability.
In addition, upgrades and integrations are underway on other core protocols, with ongoing enhancements to the Hydra and Mithril solutions. Cardano is also integrating new data oracle services from Pyth, expanding the ecosystem’s capabilities. Project funding activity within the network remains active, further supporting development efforts.
Mini dictionary: Pyth oracles provide real-time financial data to blockchain applications, enabling smart contracts to access and utilize information from outside sources for accurate execution.
While price action remains weak, ongoing large-scale accumulation by major investors, combined with continued network development, points to a potentially stronger technical outlook for ADA in the months ahead.
Catalysts underpin Cardano’s long-term outlook
The convergence of reduced retail participation and firm accumulation by whales is creating a technical foundation that market observers suggest is among the healthiest for ADA this year. Although this dynamic does not ensure a swift price recovery, the continued absorption of supply by major holders and the pace of network upgrades could set the stage for renewed momentum.
Cardano, developed by Input Output Global and designed as a proof-of-stake blockchain network, has established an active community of both developers and investors. Despite recent setbacks, continued innovation and network scaling efforts remain in focus for long-term growth.
