Recent on-chain metrics show that substantial Cardano (ADA) investors have significantly increased their dominance over the network’s native cryptocurrency. Wallets containing at least one million ADA tokens now collectively own about 25.09 billion units. This represents roughly 67% of the overall circulating supply—the highest level observed since July 2020. The steady buildup by these major addresses has persisted since late 2023, occurring alongside challenging market conditions for the asset.
Even with ADA experiencing a substantial price decline exceeding 70% in the past nine months, these large holders have continued expanding their positions.
At prevailing levels near $0.27 per token, their combined holdings are valued at approximately $6.5 billion.
In parallel, the platform’s total value locked (TVL) has shrunk markedly, dropping from a peak of around $686 million in December 2024 to roughly $137 million currently.
🤑 Cardano’s key stakeholders have slowly but surely accumulated, consistently adding more and more of the existing supply to their bags, dating back to December, 2023.
🐳 Wallets with at least 1M tokens now hold 25.09B $ADA, which translates to 67.47% of the current existing… pic.twitter.com/knuSbfYtaE
— Santiment Intelligence (@SantimentData) May 13, 2026
Decentralized exchange activity has also waned, with daily volumes hovering near $2 million, while network fees and daily active addresses reflect subdued engagement.
Industry professionals view this contrast as an indication that experienced participants are viewing ADA more as a strategic, long-term asset rather than for immediate decentralized finance usage.
Cardano founder Charles Hoskinson has repeatedly expressed bold optimism about the project’s trajectory.
He has claimed in various statements that Cardano’s foundational design and governance approach will enable it to eclipse both Ethereum and Bitcoin in market capitalization over the coming decade.
Hoskinson has envisioned widespread institutional and governmental adoption of the blockchain, positioning it as a more methodical, academically rigorous alternative destined to lead the sector.
These projections continue to motivate the community, yet they appear increasingly optimistic to many analysts, especially considering that networks such as Tron have surpassed Cardano in market capitalization at various points in recent periods.
This elevated concentration among major holders sends mixed messages. It demonstrates strong belief from well-resourced participants who remain committed despite ongoing price pressure and appear to be preparing for eventual recovery.
However, the widening gap between these large positions and smaller retail participation also spotlights potential issues regarding token distribution and the degree of network decentralization.
Retail entities have largely been net distributors during the downturn, shifting holdings toward fewer, more substantial addresses. It is unclear whether this pattern will spark a future rally driven by limited available supply or simply mirror reduced overall ecosystem interest.
As of mid-May 2026, ADA trades within a relatively tight band, far removed from earlier highs, highlighting the disconnect between concentrated accumulation and prevailing market mood.
Although Hoskinson’s aspirations for Cardano to outpace Ethereum and Bitcoin remain somewhat prominent (and highly questionable) in discussions, current indicators reveal a complex situation of determined large-holder confidence set against diminished activity and rivalry from stronger competitors like Tron.