ADA Surges 3.67% as Large Holders Accumulate 310M Tokens and Cardano Eyes DeFi Expansion

Cardano (ADAUSDT) has experienced a 3.67% price increase over the past 24 hours, with the current price at $0.8521 on Binance. This upward movement is attributed to several factors: increased accumulation by large holders (310 million ADA since early June), heightened on-chain activity with over 137 transactions exceeding $1 million in the last day, and positive sentiment following Charles Hoskinson's proposal to convert $100 million from the Cardano treasury into stablecoins and Bitcoin to support DeFi initiatives. Additionally, optimism around potential spot Cardano ETFs and increased institutional interest have contributed to bullish momentum, despite a 7% decline in open interest for ADA derivatives and ongoing regulatory discussions in the U.S. The market remains active, with 24-hour trading volume exceeding $1.1 billion and Cardano's market capitalization near $30.79 billion, positioning it among the top 10 cryptocurrencies.