Cardano Whales Accumulate 130 Million ADA as Death Cross Looms
Large holders of Cardano’s ADA token have added roughly 130 million coins to their wallets over the past two weeks, on-chain data shows, even as the asset’s price chart flirts with a technical pattern that historically signals further downside.
The accumulation, tracked by analytics platform Santiment, comes from wallets holding between 1 million and 10 million ADA. At current prices near $0.33, the total value of the accumulated tokens exceeds $42 million. The buying activity stands in contrast to a broader market mood that has seen ADA decline roughly 25% over the past month.
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What a Death Cross Means for ADA
The so-called death cross occurs when a short-term moving average, typically the 50-day, crosses below a longer-term moving average, such as the 200-day. On ADA’s daily chart, the two averages have been converging since early April 2025, and a cross appears imminent. The last time ADA printed a death cross was in September 2024, which preceded a roughly 18% decline over the following three weeks before a sharp recovery.
It is worth noting that the death cross is a lagging indicator — it describes what prices have already done rather than predicting future moves. In many cases, the actual selling pressure occurs before the cross is confirmed, and the event itself can mark a local bottom.
On-Chain Activity Tells a Different Story
While the price chart looks bearish, on-chain data suggests a different narrative. The accumulation by large wallets — often referred to as whales — has accelerated since April 20, according to Santiment. This group now holds approximately 7.4% of the total ADA supply, up from 6.9% two weeks ago.
Historical patterns show that sustained accumulation by large holders during price weakness has sometimes preceded rallies. In February 2024, similar whale buying preceded a 40% ADA rally over the following month.
Other metrics, such as the number of active addresses and transaction volume, have remained relatively stable, indicating that retail interest has not spiked alongside whale activity. This divergence between large and small holders is a pattern analysts watch for potential trend reversals.
Market Context and Broader Pressures
ADA’s recent price decline mirrors a broader pullback in the cryptocurrency market. Bitcoin has fallen from above $70,000 in early April to around $62,000 as of this writing, and Ethereum has lost similar ground. Regulatory uncertainty in the United States, particularly around the classification of certain tokens as securities, has weighed on sentiment for projects like Cardano.
Cardano’s development activity continues, with the network’s governance upgrade — part of the Voltaire era — still on track for later this year. The upgrade will introduce a community-run treasury system and formal on-chain voting, which supporters argue could drive long-term demand for ADA.
The question for traders is whether the current whale accumulation is a sign of confidence in that roadmap or simply a short-term trading play. The next few days, as the death cross forms or fails to form, will likely provide some clarity.
