The latest Coinglass data for the Cardano (ADA) futures market shows that ADA's price has been stable around $0.78. However, there have been notable changes in its open interest across cryptocurrency exchanges.
As of May 21, 2025, the total open interest is above $920 million. Before the latest rise, the Coinglass chart shows a gradual drop in ADA open interest since May 16. According to the chart, there has also been varied distribution of ADA open interest across exchanges.
ADA open interest dominated by top exchanges
Bitget and Binance dominate with $196.06 million and $192.16 million, respectively. The combination of these two is responsible for more than 40% of the total ADA futures positions.
Bybit follows with $139.17 million, while Gate.io ranks fourth with $125.37 million in open interest. Exchanges such as Kraken, dYdX, and BitMEX account for smaller ADA open interest compared with the top platforms, with none of them exceeding $5.2 million.
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This shows that there's a high concentration of ADA trading activity on the top trading platforms. Hence, any major changes on these dominant exchanges could trigger broader market reactions.
Since ADA's price has been relatively stable over the past five days while the open interest has varied, there haven't been any dramatic shifts in the overall market sentiment toward ADA.
A sign of growing confidence among traders would be the continued rise in open interest, while the reverse would suggest reduced speculative interest or profit-taking.
ADA market cap exceeds $26.5 billion
Cardano's ADA token is currently trading at $0.752 following a 3.01% increase in the last 24 hours, according to CoinMarketCap data. Following this positive movement, Cardano's market cap is now at $26.58 billion.
With $1.05 billion worth of ADA changing hands in the last day, the trading volume represents a 57.09% increase in activity. The 24-hour price chart displays a recovery from lows of around $0.7377 to a peak of $0.78 before dropping to current levels.
Based on the daily timeframe, the token's price action shows major volatility, but it’s still within an overall upward direction. Also, the platform's profile score of 75% could be contributing to investor confidence in the project's fundamentals.
Interest in Cardano continues to rise despite a delay by the U.S. SEC in approving a spot ADA ETF and other spot crypto ETFs apart from ETH and BTC ETFs.
As reported by U.Today, Bloomberg analyst James Seyffart's prediction was accurate, as the U.S. SEC announced a delay in approving XRP ETPs and other crypto ETFs.
