Large Cardano holders with balances between 100,000 and 100 million ADA have quietly accumulated 819.4 million ADA — currently valued at roughly $248 million — over the past six months, even as the cryptocurrency’s price declined significantly during the same period.
Santiment reported the trend in a post on X, citing its Supply Distribution metric, which tracks how much of ADA’s circulating supply is held by different wallet groups.
Wallets holding between 100,000 and 100 million tokens — a range equivalent to roughly $30,400 to $30.4 million at current prices — are commonly referred to as sharks and whales.
Over the last six months, this cohort increased its share of total ADA supply from 66.84% to 68.44%, a gain of 1.6 percentage points.
The accumulation trend has steepened notably this month.
The buying has occurred against a backdrop of falling prices, which may suggest these investors view the drawdown as an entry opportunity.
Shark and whale activity is closely watched in crypto markets because large holders can influence price direction and their behavior often reflects broader sentiment among well-capitalized investors.
Whether the accumulation ultimately pays off remains an open question, but the data point to growing concentration among Cardano’s largest holders.
The fact that these wallets have been buying through a sustained price decline suggests a level of conviction that contrasts with the broader market mood.
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