Despite a steep 70% price decline over the past year and concerns about its ecosystem growth, Cardano’s largest investors are accumulating. Wallets holding at least one million ADA have reached their highest collective balance since 2017, now controlling 67.5% of the total supply, which some analysts view as a long-term bullish signal for patient holders.
Cardano (ADA) has declined more than 70% in the past year and fallen 30% in 2026 alone. Multiple attempts to break above the $0.25 price level have failed.
Nevertheless, wallets holding at least one million ADA tokens have steadily increased their holdings to 25.11 billion ADA. Santiment found this is the highest level recorded since December 2017.
These wallets now control 67.5% of the total ADA supply, the highest concentration since July 2020. The analytics platform stated that accumulation by large holders is generally seen as a sign of confidence from key stakeholders.
Santiment added that, as a long-term indicator, the trend could be viewed as bullish for investors willing to hold patiently. This accumulation occurs while the network faces persistent criticism about its ecosystem traction.
Analyst Ali Martinez recently questioned Cardano’s long-term strength, arguing its actual activity remains small compared to its valuation. He noted the network’s DeFi ecosystem has never crossed $1 billion in total value locked (TVL) and trails rivals.
According to DeFiLlama, Cardano’s TVL has fallen below $125 million, down 82% from nearly $721 million in November 2024. Trader ‘Val Me’ described Cardano’s chart as “very sad looking,” and said ADA remains weak on the higher time frame.
