Large ADA holders have increased their share to 67.47% of the circulating supply, the highest level since July 2020. Data from Santiment shows wallets with at least one million ADA now control 25.09 billion tokens. The accumulation trend has continued since December 2023 even as ADA’s market cap declined.
Santiment data shows wallets holding at least one million ADA now control 25.09 billion tokens. That figure equals 67.47% of the circulating supply and marks the highest share since July 2020. The data shows the accumulation trend has continued without interruption since December 2023.
Cardano’s key stakeholders have slowly but surely accumulated, consistently adding more and more of the existing supply to their bags, dating back to December, 2023.
Wallets with at least 1M tokens now hold 25.09B $ADA, which translates to 67.47% of the current existing… pic.twitter.com/knuSbfYtaE
— Santiment Intelligence (@SantimentData) May 13, 2026
Meanwhile, ADA has lost 71% of its market cap over the past nine months. The token traded at $0.27 during Asian hours on Friday. It held a market capitalization of $9.96 billion at that time.
The sustained buying has occurred during a prolonged price drawdown. The accumulation has continued throughout the broader market downturn that began in late 2024. Santiment stated that the current concentration represents an all-time high in whale-held tokens.
The data shows that large holders increased exposure while prices weakened. The concentration level now matches figures last recorded four years ago. The uninterrupted buying streak has stretched across multiple quarters.
Cardano’s decentralized finance metrics have declined during the same period. Data from DefiLlama shows total value locked stands at $137 million. That figure compares with a December 2024 peak of about $686 million.
The drop from the peak represents an 80% decrease in locked value. Daily decentralized exchange volume across the chain measures $1.95 million. The data reflects lower on-chain activity compared with prior months.
Chain fee data also shows limited network usage. Cardano generated $1,767 in fees over the past 24 hours. By comparison, Ethereum and Solana each recorded about $500,000 in fees during the same period.
Cardano reported $353 in chain revenue over the last 24 hours. Active addresses reached 15,975 during that period. These figures outline current usage levels across the network.
The data presents a contrast between token accumulation and on-chain activity. Large wallets continue to increase holdings while network metrics remain subdued. ADA traded at $0.27 with a $9.96 billion market cap at the latest update.
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