$DASH On January 27, news reports indicate that the on-chain fund structure of Cardano is undergoing significant changes. According to data disclosed by Santiment, over the past two months, large wallets holding between 100,000 and 100 million ADA have collectively accumulated approximately 45.47 million Cardano tokens, while retail investors have continued to reduce their holdings during periods of price weakness. This divergence in funds is triggering a new wave of market attention on Cardano's price trend.

Data shows that by January 2026, these whale wallets' share of the circulating supply of Cardano has increased from 66.3% to 67.53%, with a total holding of about 24.33 billion ADA. This means that an increasing amount of Cardano tokens are being concentrated in the hands of a few long-term investors. In stark contrast, small wallets holding 100 ADA or less sold about 22,000 tokens in the past three weeks, and their share of the circulating supply has decreased to 0.121%.