$ADA
🚨 Cardano Price’s Futures Market Reflecting Weak Sentiment 🚨
Cardano’s trading volume is not looking good. The price performance has not inspired investors to commit funds to the coin.
Traders appear to have withdrawn from Cardano and are unwilling to invest until things improve.
According to CoinGlass data, ADA’s Open Interest has declined by 8.95% in the last 24 hours, indicating investors are not ready to commit to the ADA futures market.
As of this writing, traders have committed only 1.17 billion ADA, worth $902.10 million.
For clarity, Open Interest signals the number of futures contracts that investors opened on ADA in fiat currency.
The data suggests that, with less than a billion dollars committed to Cardano, holders are not confident of the asset’s outlook.
The traders who committed their funds to ADA did so mainly through Bitget and Binance, with 21.6% and 21.22%, respectively. In fiat terms, this amounts to $194.86 million and $191.45 million, respectively.