Cardano Millionaire Wallets Reach Highest ADA Holdings Since 2017

On-chain data shows the Cardano addresses with at least 1 million tokens have seen their combined holdings hit the highest point since 2017.

In a new post on X, on-chain analytics firm Santiment has discussed the latest trend in the Supply Distribution of the large Cardano investors. The “Supply Distribution,” here refers to an indicator that tells us about the amount of ADA supply that a given wallet group is holding right now.

Addresses or investors are divided into these cohorts based on the number of coins that they are carrying in their balance. The 1 to 10 coins group, for instance, includes all holders carrying between 1 and 10 ADA in their balance.

In the context of the current discussion, the range of interest is the one with a lower bound of 1 million ADA and no upper bound. At the current exchange rate of the cryptocurrency, the cutoff for the group converts to about $230,000. This is a substantial amount, so only the investors with a notable amount of capital would fall inside this range.

Below is the chart shared by Santiment that shows the trend in the Supply Distribution for these Cardano millionaire wallets over the past decade.

As is visible in the graph, the Cardano supply held by the 1 million+ ADA wallets has been following an uptrend since 2024, indicating that entities like the sharks and whales have been loading up on the asset. As Santiment noted:

When key stakeholders accumulate, this is generally a sign of confidence from the groups that are most deeply invested and have the most to gain/lose.

Interestingly, the upward trajectory in the Supply Distribution of the millionaire wallets has maintained despite the bearish shift that the cryptocurrency sector as a whole has faced since Q4 2025. Thus, it would appear that the price drawdown hasn’t dissuaded large investors from accumulating the altcoin.

Following the latest continuation to the metric’s uptrend, its value has reached the 25.11 billion tokens mark. This is the most amount of Cardano that 1 million+ ADA investors have held since December 2017. In terms of supply percentage, these key holders currently 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 who can be patient enough to hold,” said the analytics firm.

Though, while accumulation from Cardano sharks and whales has been pretty consistent for a while now, the indicator could still be to keep an eye on. From the chart, it’s apparent that the indicator showed a similar trajectory during the 2022 bear market, until the large holders participated in a selloff that took the coin to its lowest levels for the cycle.

At the time of writing, Cardano is trading around $0.23, down nearly 6% over the past week.