ADA Faces 3.22% Drop Amid $57M Exchange Outflows and Awaited SEC ETF Decision

Cardano (ADA) is currently trading at $0.7401 on Binance, reflecting a 3.22% decline over the past 24 hours from an opening price of $0.7647, with recent trading volumes elevated due to increased market activity and anticipation of regulatory developments. The price decrease is primarily attributed to a significant drop in active Cardano wallet addresses, heightened exchange net outflows totaling $57 million for the week, and increased sell activity in the futures market, as indicated by a taker buy/sell ratio of 0.9531. Despite recent technical progress and growing institutional interest driven by the upcoming SEC decision on a potential Cardano ETF, short-term market sentiment has been negatively impacted by these on-chain and trading dynamics.