Key Takeaways
Whales have scooped up ADA by the boatload: $166 million worth, to be exact; spot inflows are positively plump, yet perpetual traders seem more distracted than Bertie Wooster at a poetry reading. $0.83 stands as Cardano’s version of the Drones Club velvet rope-only the worthy get in.
To begin with, Cardano [ADA] bulls are back for another rumble, with the altcoin prancing gaily up 2.82% over the last 24 hours-cue dramatic music. 📈 One might say the market’s been livelier than Aunt Agatha’s estate after her pearls go missing.
Whales and spot investors couldn’t resist joining the fray, purchasing ADA in amounts that would make even Lord Emsworth look twice. Meanwhile, perpetual traders have adopted an approach best described as ‘Meh’, as if they’d just discovered their drink was, in fact, a mocktail.
Which naturally leads us to the burning question: Will ADA follow up with fireworks, or merely a polite cough behind the curtain?
Whales and spot bet big on ADA!
As ever, the market’s most colossal creatures-whales holding between 100 million and 1 billion ADA-have decided to get off their metaphorical sun loungers. According to Santiment, this jolly band scooped up 200 million ADA (about $166 million) between 9 and 10 August. One assumes hearty backslaps and the clinking of monocles ensued.
As if that weren’t enough, spot investors piled in, too. CoinGlass, with all the gravitas of Jeeves recounting tea leaf shortages, reports $11 million worth of ADA bought via Spot Exchange Netflows-followed briskly by another $3.61 million. Clearly, bullish sentiment is spreading faster than gossip at Blandings Castle.
Are perpetual traders losing steam?
Yet not all is champagne and caviar. Perpetual traders-those mysterious folk who thrive on leverage and existential dread-appear to have misplaced their vim. Over the last 24 hours, the Long-to-Short ratio slipped below 1, the financial equivalent of Jeeves tutting disapprovingly. Selling volume, incidentally, wrote a thank-you note to buying volume and left it at the station.
Trading volume itself tumbled by 21.49% to $2.14 billion, a $459 million drop-the sort of financial nosedive that sends even robust eyebrows skyward. 🧐
But before you faint dramatically onto the nearest chaise lounge: Open Interest Weighted Funding Rate stands at a chipper 0.0108%. So, despite a short volume that could fill a decent-sized swimming pool, most contracts are still long and continue paying fees. Derivatives traders as ever enjoying their little eccentricities.
Can ADA break its wall at $0.83?
The path to Cardano $1 is less a straight sprint and more a game of croquet after Gussie Fink-Nottle’s third glass of port. ADA must first leap the forbidding hedges at $0.83, $0.88, and $0.93.
The last time ADA peeked at $0.83, things got so exciting it promptly dived 20%-not unlike Bertie’s attempts at romance. If the current rally finds itself short on gas, a similarly comical tumble is possible. Yet should $0.83 yield, expect the ADA brigade to roar past the hat check with renewed zest. 🚀
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2025-08-12 06:21