Large Cardano investors have quietly been building their positions over the past two months, even as smaller holders trimmed exposure during a period of market weakness. Fresh on-chain data suggests this shift in behavior could be an important signal for Cardano’s next price move.
According to analytics firm Santiment, wallets holding between 100,000 and 100 million ADA added a combined 454.7 million tokens between late November 2025 and January 2026. This steady accumulation lifted their share of Cardano’s circulating supply from about 66.3% to 67.53%. In total, these large holders now control roughly 24.33 billion ADA.
The buying spree came at a time when the broader crypto market was struggling, with prices across the sector under pressure. Rather than stepping back, high-balance wallets used the downturn as an opportunity to increase exposure.
Smaller retail investors moved in the opposite direction.
Wallets holding 100 ADA or fewer sold around 22,000 tokens over the past three weeks, Santiment data shows. As a result, their share of the circulating supply slipped slightly from about 0.122%, or 43.96 million tokens, to 0.121%, or 43.6 million tokens. While the change in numbers may look minor, it highlights a clear difference in sentiment between large and small participants.
This pattern is not new.
During previous market corrections, institutional and high-net-worth investors have often increased positions while retail traders reduced risk. Such phases typically reflect caution among smaller holders and confidence among larger players, who are more likely to take a longer-term view.
Cardano, a proof-of-stake blockchain platform, remains one of the largest cryptocurrencies by market capitalization. Like most digital assets, its price has been volatile in recent months as macro uncertainty and shifting investor sentiment weighed on the market.
The recent accumulation suggests that some large investors believe current prices represent a strategic entry point. By contrast, retail traders appear to be protecting capital during uncertain conditions, a behavior commonly seen during drawdowns.
Santiment, which tracks wallet activity and token distribution across multiple networks, highlighted that this type of divergence has often preceded periods of stabilization or recovery in past cycles. While accumulation alone does not guarantee a price rally, it can signal growing confidence among long-term holders.
For traders watching Cardano closely, the data offers an important insight: even as short-term sentiment remains cautious, major holders are quietly positioning for what they may expect to be a stronger phase ahead.
Whether this leads to a bullish breakout remains uncertain, but the growing concentration of ADA in large wallets suggests that the so-called “whales” are preparing for the next chapter in Cardano’s market story.
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