Usman Salis
Bear markets have a way of separating long-term believers from short-term traders. In Cardano's case, the data tells a clear story: while the price was sliding, the network's largest wallets were doing the opposite of panicking. They were buying.
Smart Money Moves In While Retail Steps Back
Wallets holding between 100,000 and 100 million ADA added roughly 819.14 million tokens over the past six months. That happened while the price dropped nearly 71%, sliding from around $0.90 down to $0.26. You can get more context on the accumulation trend in this Cardano wallets accumulate 819M tokens during bear market breakdown.
On-chain data tells the story clearly. Total ADA held by large wallets climbed from about 24.54 billion to 25.35 billion, and their slice of the total supply grew from 66.84% to 68.44%. That kind of steady accumulation during a prolonged price decline is the opposite of what you typically see during a sell-off, where distribution usually picks up as prices fall.
Why Whale Accumulation at These Levels Actually Matters
When large holders pull supply off the market, it quietly tightens what's available on exchanges. Less circulating supply can shift volatility and price discovery, especially in a fragmented market like crypto. It doesn't guarantee a price reversal, but it does signal that some of the most well-capitalized participants in the Cardano ecosystem are betting on long-term value rather than cutting losses.
On the technical side, one analysis shows Cardano targeting $0.70 resistance within a falling wedge formation. A longer-term chart read goes even further, suggesting Cardano may be setting up for a $3 to $9 pump phase after years of compression. Whether those levels are reached or not, the accumulation trend shows that major holders aren't positioned for zero.
The divergence between price action and on-chain behavior is the kind of signal worth watching. When large wallets accumulate quietly during weakness, it often shapes the next move, even if the timing stays uncertain.
Usman Salis
