Cardano’s ownership landscape is shifting rapidly, with large holders now controlling more of the ADA supply than at any point since July 2020. New data shows wallets holding at least 1 million ADA own just over 67% of the circulating supply, or roughly 25.09 billion tokens. That kind of concentration stands out, especially with ADA trading in the $0.26 to $0.27 range after a prolonged slump.
This step-up in whale dominance is arriving alongside a technical shift: Cardano’s daily SuperTrend indicator — which tracks trend flips — has turned bullish for the first time in months. Analyst Ali Martinez, who describes SuperTrend as his most accurate Cardano signal, is flagging this as a key reversal. In simple terms, one of the market’s better-known directional signals has turned positive just as large holders have tightened their grip on supply.
The complication is that the accumulation story is not being matched cleanly by network usage. Cardano’s DeFi footprint remains well below earlier peaks, even as some short-term activity has appeared this year. That leaves a split reading: whale concentration is rising while DeFi demand remains soft. Whether that level of control among large holders reflects enduring confidence or a market still searching for direction remains an open question for ADA.
Cardano’s whale concentration at 67% is the pressure point that could decide ADA’s next move.