[DigitalToday reporter Jinju Hong] On Cardano (ADA), large wallets holding at least 1 million ADA increased their holdings to a total of 25.11 billion ADA, the highest level since December 2017.

According to blockchain media outlet The Crypto Basic on May 28 local time, these wallets now hold about 67.5% of ADA circulating supply.

The key point is that large holders are continuing to accumulate despite price weakness. On-chain data firm Santiment Intelligence pointed out that wallets holding at least 1 million ADA kept increasing exposure despite market uncertainty, lifting their share of supply to the highest level since December 2017.

The rise is also visible compared with earlier this month. At that time, total holdings for these wallets were 25.09 billion ADA and their share of supply was 67.47%. More than 200 million ADA flowed in over the following days. Despite unstable price action, big holders added to positions rather than increasing selling.

Accumulation by large wallets has been relatively consistent since early 2021. Holdings that fell after the 2017 peak recovered, and recently climbed to a multi-year high zone. ADA rose to $3.1 in September 2021 and then fell sharply, but large-wallet holdings dipped slightly during the price decline and then resumed gains.

ADA is now trading around $0.23, more than 90% below its all-time high. Even so, whales are using the downturn as a discounted buying opportunity. An assessment is emerging that while retail investor enthusiasm has cooled compared with the previous cycle, large wallets have quietly increased exposure in the background.

Santiment said the continued rise in top-wallet holdings even in a weak price zone could be seen as a sign of growing confidence in ADA's long-term path. It added that such accumulation does not automatically guarantee short-term price strength. It also noted that historically, sustained buying by large holders has been read as a bullish signal, particularly for long-term holders.

Short-term market indicators remain weak. ADA has fallen 5% over the past 24 hours. Over the same period, trading volume rose 28% to $537 million, but open interest fell 4% to $497 million. Trading increased, but derivatives positions declined.

By price level, $0.22 is cited as a short-term support zone. ADA has held that level so far. If it breaks, additional downside pressure could intensify and expectations for a short-term rebound could weaken. As large wallets continue to accumulate, the market is watching whether this support holds and whether shifts in supply and demand lead to an actual price reversal.