ADA Drops 4% as $100M Treasury Proposal and Major Token Moves Spark Market Volatility

Cardano (ADA) is currently trading at $0.5775 on Binance, reflecting a 4.26% decline over the past 24 hours from a 24h open of $0.6032. The recent price decrease can be attributed to a combination of factors: a notable reduction in ADA derivatives open interest by over 7% since early June, large holders transferring approximately 310 million ADA, and heightened debate around founder Charles Hoskinson’s proposal to convert $100 million of the Cardano treasury into Bitcoin and stablecoins, which has introduced uncertainty regarding Cardano’s treasury management strategy. Despite a 30% surge in trading volume reported on June 19, increased volatility and consolidation near the $0.60 level have followed, with technical resistance observed at $0.60 and above. ADA maintains a circulating supply of roughly 35.36 billion, a market capitalization near $21.3 billion, and recent weekly trends show a 14.2% gain, though short-term sentiment has turned cautious amid treasury discussions and large token movements.