Kaspa Whales and Exchanges Hold Nearly 45% of Circulating Supply

A large portion of Kaspa’s circulating supply is concentrated in whale and exchange wallets, new distribution data shared by Kaspa Daily shows. Wallets holding at least 10 million KAS currently account for approximately 22.7% of supply, equivalent to 6.21 billion KAS. Known exchange wallets account for another 22.1%, or roughly 6.03 billion KAS. Combined, the two categories represent about 44.8% of Kaspa’s circulating supply, or approximately 12.24 billion KAS. At the current KAS price near $0.032, those coins have a nominal value of roughly $392 million. Kaspa itself is trading around $0.032 today, up roughly 2%-3% over the past 24 hours, with a market capitalization close to $900 million. CoinMarketCap reports approximately 27.79 billion KAS currently in circulation. Kaspa Whales Hold More Than 6 Billion KAS The whale category is arguably the more interesting part of the data. Addresses holding 10 million KAS or more account for 6.21 billion coins, valued at roughly $199 million at current prices. That represents 22.7% of circulating supply. Kaspa supply remains concentrated among large holders and exchanges. Wallets holding 10M+ KAS account for 22.7% of supply (6.21B KAS), while known exchange wallets hold another 22.1% (6.03B KAS). Together, these groups control approximately 44.8% of circulating supply. https://t.co/xUWUWlYuLV — Kaspa Daily (@DailyKaspa) November 5, 2026 The chart also shows this group increasing its share by approximately 0.20% over the previous 24 hours, which could point to some accumulation among large addresses. Retail and other wallets remain the largest category at 54.7%, representing approximately 14.95 billion KAS. Their share declined by 0.17% during the same period. Exchange Holdings Need Some Context The 22.1% exchange figure looks large, but it should not be interpreted in the same way as whale holdings. Coins held in a Binance, Kraken or another exchange wallet may ultimately belong to thousands of individual customers. An exchange address can therefore appear as one enormous holder on-chain even though the economic ownership of those coins is spread among many users. That means saying exchanges and whales “own” 44.8% of Kaspa would overstate the concentration. A better interpretation is that 44.8% of circulating KAS is currently sitting in wallets classified as either very large holders or known exchanges. The exchange category has also increased by around 0.21% over 24 hours. If that trend continues, it may be worth watching. Rising exchange balances can increase the amount of KAS immediately available for trading or selling, although wallet movements alone do not reveal the intention behind the transfers. Read also: Here’s Where Kaspa (KAS) Price Could Be Headed This Week, November 2-8 Does Kaspa’s Supply Concentration Matter for KAS Price? It can. Large-holder concentration means relatively few wallets can move enough KAS to influence market liquidity if they decide to buy or sell aggressively.