At the time of writing, $ADA Perpetual trades near $0.235, but whaleš positioning continues to lean heavily bearish. Large players are maintaining profitable short exposure, while long positions remain under pressure with negative unrealized PnL. The imbalance in positioning highlights declining bullish conviction across the market.
What stands out the most is the lack of aggressive buy-side volume. Every relief bounce appears weak, with sellers consistently controlling momentum. In this kind of environment, trading based on hope instead of market structure can become extremely costly.
For that reason, Iām gradually scaling into a short position while the broader trend remains intact. Until ADA shows a meaningful recovery in volume, strength, and market participation, the downside risk cannot be ignored. Trade the trend that exists ā not the narrative people want to believe.