Cardano is in the spotlight as on-chain data reveals whale wallets now control 67% of the circulating ADA supply—the highest share recorded since 2020. The surge in large-holder concentration coincides with renewed interest in the Midnight privacy sidechain and a rebound in retail wallet growth.
According to Santiment, the network added 14,783 non-empty ADA wallets after the price bottomed on June 23, signaling that retail participants are returning despite broader market uncertainty. ADA price recovered toward $0.20, trading around $0.189 on July 5 with a 31% weekly gain, though still down sharply from prior highs.
The accumulation by whales comes as Charles Hoskinson’s push for Midnight—a privacy layer with built-in compliance features—gains traction. The sidechain aims to attract enterprise DeFi and regulated blockchain use cases, potentially expanding Cardano’s real-world utility. However, the ecosystem still faces headwinds: failed funding votes, governance clashes, and the cancellation of the Cardano Summit 2026 have tempered sentiment. Santiment noted that “retail support has been one of ADA’s strongest traits,” but cautioned that wallet count alone does not guarantee a lasting price recovery.
With ADA just below the psychological $0.20 level, traders are watching whether whale accumulation and Midnight’s momentum can overcome lingering doubts about governance and ecosystem execution.
