Cardano (ADA) has seen a massive spike in investor activity, with open interest soaring to 1.89 billion ADA, equivalent to $1.61 billion in just 24 hours. The surge reflects growing bullish sentiment in the derivatives market as traders position themselves for a potential price rally. However, despite the influx of capital, ADA’s price continues to lag, showing that enthusiasm has yet to translate into meaningful momentum.
According to CoinGlass data, the rise in open interest highlights renewed confidence from major exchanges. Binance traders dominate the activity, holding around 380.82 million ADA worth $324.03 million. Following closely are Bitget with $306.77 million, Gate.io with $274.09 million, and Bybit with $266.57 million in active contracts. Typically, such spikes in open interest signal optimism, as traders lock in futures positions expecting upside potential.
Yet, this optimism hasn’t reflected in ADA’s price. At press time, Cardano trades at $0.8519, down 1.31% in the past 24 hours. Earlier in the day, the token touched $0.8637, before retracing as capital rotated toward Bitcoin (BTC) and Binance Coin (BNB), both of which have attracted more immediate trading attention amid Bitcoin’s continued rally.
A key factor holding ADA back could be declining spot trading activity, as volume fell by 10.68% to $1.14 billion over the same period. Historically, Cardano has struggled to maintain pace during Bitcoin-led upswings. For instance, in May 2025, ADA’s price fell by 8% even as Bitcoin climbed sharply, reflecting a recurring pattern where market focus shifts to BTC during bullish cycles.
Technical indicators, however, suggest ADA might be undervalued. Bollinger Bands data indicates the coin is trading near the lower end of its volatility range, a sign that it may be poised for a rebound if traders reenter the market. Analysts believe that renewed buying pressure and reduced profit-taking could push ADA back above the $1 threshold, especially as investor positioning in futures markets remains strong.
Beyond price action, Cardano’s fundamentals are quietly strengthening. The blockchain recently announced a strategic partnership with NEAR Protocol, focused on enabling cross-chain crypto trading powered by artificial intelligence. This collaboration aims to improve transaction security and interoperability, potentially driving wider adoption across ecosystems.
Adding to the bullish narrative, the long-awaited Cardano exchange-traded fund (ETF) is expected to gain approval by October 26, 2025, a move that could open the door for institutional inflows and further boost ADA’s liquidity profile.
Despite current sluggishness, market watchers see these developments as setting the stage for a delayed but powerful recovery. If sentiment and on-chain activity align, Cardano could finally convert its growing open interest into sustained price momentum.