The supply of Cardano (ADA) held in the hands of big-capital investors has reached its highest point since 2020.
As seen in data provided by blockchain analytics firm Santiment, Cardano wallets, which each hold more than 10 million ADA coins, now own 46.6 percent of the total supply of Cardano, which represents the biggest ratio in ADA’s supply in the past two years, the company says.
At the time of writing, there are 436 Cardano wallet addresses that hold more than 10M ADA coins, worth over $9.6M as of today’s $0.965 price. This means that the top whales currently hold over $4.2 billion worth of ADA — one of the largest share holdings of ADA ever accumulated by the top whales
Santiment notes that a large portion of these whale addresses belong to digital asset exchanges.
Institutional Interest Increased
As seen in the chart, the top whales have been regaining interest in Cardano since February 2021, right after the coin’s price entered a bullish rally culminating in its $3.09 ATH in the early days of September 2021.
The coin, ranked as the 8th biggest crypto on the market, is trading at $0.96 as of this writing. This means that. due to the correction experienced by the asset since the beginning of April, ADA is down nearly 69 percent from its record price.
The coin, however, has rallied by more than 50% since mid-March, heavily driven by the increased demand from institutional money.