According to Santiment data, wallets holding at least 1 million ADA currently control 25.09 billion ADA, representing 67.47% of the total ADA supply, the highest level since July 2020. This accumulation trend has persisted since December 2023, with ADA's market capitalization declining by 71% over the past nine months. During the same period, Cardano's DeFi total value locked (TVL) has fallen from its peak of approximately $686 million in December 2024 to $137 million, a decline of 80%; daily DEX trading volume stands at $1.95 million, with approximately 16,000 active addresses on the chain over 24 hours.