1.99B ADA Locked in Futures as Cardano ETF Speculation Intensifies

TLDR

• Cardano futures open interest surged to 1.99 billion ADA within 24 hours.
• The total value of open interest reached $816.97 million according to CoinGlass data.
• Traders increased their exposure following speculation around Grayscale’s Cardano ETF application.
• Grayscale’s application is still under SEC review and has not yet been approved.
• Gate exchange led all platforms with $205.74 million in committed ADA futures.

Cardano open interest surged in 24 hours as futures traders committed 1.99 billion ADA, valued at $816.97 million, CoinGlass data confirmed. This increase aligns with growing speculation around a potential Grayscale spot Cardano ETF approval, though no regulatory decision has been finalized yet. Market enthusiasm continues, despite the application still being under U.S. SEC review, according to Cardanians.

Futures Traders Increase Exposure to ADA

Open interest for Cardano futures increased by 1.29% within a day as ETF expectations circulated across platforms. The total volume committed reached 1.99 billion ADA, equivalent to $816.97 million, as per CoinGlass. Investors responded swiftly to speculation about Grayscale’s ETF application awaiting SEC review.

The surge was fueled by expectations of Cardano ETF approval, driving speculative trading across major exchanges. According to Cardanians, “The SEC has not yet approved the ETF application, and it remains under review.” Traders, however, took the news as a possible signal and responded by increasing their positions.

Gate exchange led the trend, with 502.05 million ADA committed, translating to $205.74 million and 25.18% of total open interest. Binance followed with 16.33% or $133.43 million, while Bybit and LBank posted 12.8% and 8.91%, respectively. These platforms together accounted for a large share of futures interest amid ADA’s price fluctuations.

Price Movement Slows Despite High Open Interest

Cardano reached a daily high of $0.4357 but did not break resistance at $0.45. The coin later declined in price, falling by 1.56% to $0.4127 within 24 hours. CoinGlass reported that trading volume dipped by 7.5% to $846.79 million.

Despite increased open interest, ADA displayed weak momentum, hindered by lower volume and short-term profit-taking activity. Analysts pointed to a possible golden cross on ADA’s chart, yet upside momentum remained limited. The technical pattern indicates a potential upward trend, but confirmation is still pending.

U.Today suggested Cardano could rise to $0.60 if conditions mirror XRP’s recent path. Bollinger Bands showed ADA’s structure forming similarly to XRP, suggesting a possible breakout. However, trading behavior and investor confidence remain deciding factors in the near term.

Grayscale’s Application Still Awaiting SEC Decision

Cardanians clarified that Grayscale’s Cardano ETF application has not been approved. The SEC continues its review, and no final decision has been released yet. The asset manager reportedly hopes for an approval in the coming weeks.

Though no confirmation exists, the anticipation alone spurred futures interest and trading activity in ADA. Traders appeared to view Cardano’s current price as undervalued, seizing the opportunity. This strategy led to a rise in leveraged positions across several leading crypto exchanges.

Grayscale’s interest in listing a Cardano ETF has raised expectations about broader institutional adoption. The application’s progress remains a critical factor for ADA’s short-term outlook. For now, futures markets are responding to the speculative momentum surrounding the ETF news.

As of writing, Cardano trades at $0.4127, down by over 2% in the alst 24 hours. Open interest remains high, signaling sustained trader attention.

However, ETF approval remains uncertain until the SEC issues its ruling.

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