Cardano giant whale holdings reach 67% of circulating supply, setting a new high since 2020, while TVL declines in parallel

On May 14, on-chain analytics firm Santiment released data showing that, as cited by FXStreet, Cardano “whale” wallets holding more than 1 million ADA collectively hold 25.09 billion ADA, equivalent to 67.47% of the circulating supply—marking the highest record since July 2020. In the same period, ADA spot prices hovered around $0.26, while TVL fell in tandem, indicating the whales’ holdings and ecosystem usage rates are moving in opposite directions.

25.09 billion ADA concentrated in wallets holding more than a million tokens, accumulated since December 2023

Santiment data shows that whale accumulation accelerated starting in December 2023. During that period, ADA’s overall marketcap declined by 71%, while retail investors clearly reduced their positions. On-chain analysts commented that this change means “assets are being transferred to hands with higher risk tolerance,” but also reminded that this is not an “immediate timing signal.”

ADA spot was trading at $0.2642, and technical lines regained short-term moving averages

The technical indicators disclosed by FXStreet show that on May 14, ADA was at $0.2642, having regained the 50-day simple moving average at $0.2527 and the 100-day moving average at $0.2616, but it is still far below the 200-day exponential moving average at $0.3762. Open futures positions were about $548 million, down about 3% over 24 hours. The amount of long liquidations over 24 hours was $1.47 million. The funding rate remained positive at 0.0061%; RSI is at 53, and SuperTrend first issued a buy signal on the daily chart.

Rising whale concentration and a divergence from TVL; Cardano on-chain usage remains weak long term

Rising whale concentration contrasts with Cardano’s persistently low on-chain usage. This outlet previously reported that Cardano’s on-chain DeFi activity has been weak for a long time, with a clear gap between TVL and marketcap scale. The team tried to improve ecosystem activity through a privacy sidechain, Midnight, and enterprise integrations. This time, holdings by addresses with more than a million tokens jumped to a six-year high, showing a clear divergence from TVL trends.

This article Cardano whale holdings reach 67% of circulating supply, setting a new high since 2020, with TVL falling in sync was first published on 链新闻 ABMedia.