Cardano Whale Holdings Reach 25.1 B Tokens, Highest Since 2017

Large holders of Cardano's ADA token have accumulated the cryptocurrency at a pace not seen since late 2017, according to on-chain data. Wallets holding at least one million ADA now collectively control 25.11 billion tokens, the highest level recorded since December 2017. These major holders now command 67.5 percent of the total ADA supply, a concentration level not seen since July 2020.

This sustained accumulation by so-called whales has persisted despite a significant and prolonged decline in ADA's market price. The asset has fallen more than 70 percent over the past year and is currently trading around $0.23, having failed to break above the $0.25 level. The accumulation trend suggests a divergence between the actions of large, deep-pocketed investors and the broader market sentiment, which remains bearish.

Analysts note that such accumulation phases by key stakeholders are generally interpreted as a sign of long-term confidence. Historically, similar periods of whale accumulation have preceded significant price rallies, though there is no guarantee this pattern will repeat. During the 2022 bear market, large holders also amassed ADA before eventually selling off, pushing...