On-chain data shows that Cardano addresses holding at least 1 million tokens have seen their combined holdings reach the highest level since 2017. Large Cardano holders have continued to accumulate recently. In a new post on X, on-chain analytics firm Santiment discussed the latest trend in the Supply Distribution of large Cardano investors. The “Supply Distribution” refers to an indicator that shows how much ADA supply a specific wallet group currently holds.
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Addresses or investors are divided into groups based on the number of coins in their balance. For example, the 1 to 10 coins group includes all holders with between 1 and 10 ADA. In this discussion, the focus is on the range starting at 1 million ADA with no upper limit. At the current exchange rate, this cutoff is worth about $230,000. That’s a significant amount, so only investors with substantial capital fall into this group.
Below is the chart from Santiment showing the trend in Supply Distribution for these Cardano millionaire wallets over the past decade. As the graph shows, the Cardano supply held by wallets with 1 million+ ADA has been rising since 2024, meaning sharks and whales have been buying up the asset. Santiment noted: “When key stakeholders accumulate, it’s generally a sign of confidence from the groups most deeply invested, who have the most to gain or lose.”
Interestingly, the upward trend in the Supply Distribution of millionaire wallets has continued despite the broader bearish shift in the cryptocurrency sector since Q4 2025. So, the price drop doesn’t seem to have discouraged large investors from accumulating the altcoin. After the latest increase in this metric, its value has reached 25.11 billion tokens. That’s the most Cardano that 1 million+ ADA investors have held since December 2017. In terms of supply percentage, these key holders now control 64.49% of all coins in circulation, the highest share since July 2020. “As a long-term indicator, this is a bullish signal for those patient enough to hold,” the analytics firm said.
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However, while accumulation by Cardano sharks and whales has been fairly steady for a while, the indicator is still worth watching. The chart shows a similar pattern during the 2022 bear market, until large holders sold off, driving the coin to its cycle lows.
ADA Price
At the time of writing, Cardano is trading around $0.23, down nearly 6% over the past week.
Featured image from Dall-E, chart from TradingView.com
Frequently Asked Questions
Here is a list of FAQs about the recent surge in Cardano millionaire wallets written in a natural tone with clear concise answers
BeginnerLevel Questions
1 What exactly is a Cardano millionaire wallet
Its a wallet address that holds at least 1 million ADA tokens It doesnt mean the person is a millionaire in dollarsjust in the number of ADA coins
2 Why is it a big deal that millionaire wallets are at an alltime high
It suggests that large longterm investors are accumulating ADA instead of selling it This can be a sign of confidence in the projects future
3 Does this mean the price of ADA is going to skyrocket
Not necessarily While accumulation by big wallets can be bullish price depends on many factors like market sentiment trading volume and broader crypto trends Its a positive signal but not a guarantee
4 How many of these millionaire wallets are there right now
As of early 2024 the number has surpassed the previous peak from 2017 with several thousand addresses holding 1 million ADA or more
5 Is this good for regular ADA holders
It can be When whales accumulate it often reduces the circulating supply available to trade which can support price stability or upward movement However it also means a few holders have significant influence
Advanced Questions
6 How does this compare to the 2017 bull run peak
In 2017 the number of millionaire wallets spiked during the price rally but many were shortterm traders The current count is higher and has been growing steadily suggesting more longterm holding
7 Could these wallets belong to exchanges or staking pools instead of individual investors
Yes Exchange hot wallets and staking pool reward addresses often hold millions of ADA Analysts try to filter these out but some of the increase may still be institutional or pooled funds rather than individual whales
8 What impact does this accumulation have on Cardanos staking ecosystem
Since ADA can be staked large wallets often delegate their holdings to staking pools More accumulation means more ADA is staked which strengthens network security and decentralization