Cardano Plunges 74.5%... Whales Are 'Buying' Instead

▲ Cardano (ADA)

Large holders of Cardano (ADA) have continued to accumulate ADA even amidst a prolonged bear market, pushing their holdings to an all-time high. Wallets holding more than 1 million ADA have surpassed a total of 25 billion ADA for the first time, and now control over 67% of the current circulating supply.

The Crypto Basic reported on May 14 (local time), citing Santiment data, that so-called Cardano 'millionaire' wallets, holding over 1 million ADA, have consistently increased their ADA purchases since December 2023. The holdings of these wallets were tallied at 25.09 billion ADA, marking an all-time high.

The holdings of these large wallets have increased from approximately 22 billion ADA at the end of 2023 to 25.09 billion ADA currently. This represents an increase of approximately 14%, confirming a trend where large holders have expanded their share of holdings rather than reducing them, despite market uncertainties and price weakness.

Currently, wallets holding over 1 million ADA possess 67.47% of Cardano's circulating supply. This is the highest proportion since July 2020. The Crypto Basic stated that large holders have absorbed ADA and increased their control over the supply while selling pressure emerged amidst price weakness.

Cardano's market trend has shown a significant bearish bias over the past nine months. ADA's market capitalization has decreased by approximately 71%, falling to around $9.5 billion. The price also dropped by 74.5% from its intraday high of $1.02 in August 2025 to its current level of $0.26. Despite this decline, large holder wallets have not significantly reduced their existing positions but have instead increased their balances.

However, a cautious trend has emerged in the derivatives market. Over the past 24 hours, $177 million flowed out of the Cardano futures market, while $162 million flowed in. The total ADA open interest across all exchanges decreased by 3.58% to $543 million during the same period. This indicates that some derivatives traders are reducing their ADA positions.

Conversely, in the spot market, more ADA flowed out of exchanges than flowed in. The net inflow over the past 24 hours was reported as negative $3 million. The Crypto Basic explained that as individual investors began buying ADA, a trend of decreasing selling pressure emerged. The expansion of Cardano's large holders to an all-time high indicates that a supply and demand structure centered on long-term holding is being maintained even in a bear market.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*