According to U.Today, Cardano (ADA) experienced a significant 29% increase in its futures trading volume in the last 24 hours, surpassing half a billion dollars. This surge indicates a substantial shift towards ADA perpetual futures trading, which has now exceeded the spot market. Data from CoinMarketCap reveals that Cardano's spot trading volume on exchanges amounted to $466 million, bringing the total trading volume close to $1 billion.
The trend towards futures trading suggests a more speculative approach to trading rather than long-term investment. The slight change in spot market activity supports this trend, indicating that traders are focusing more on futures trading for potential short-term gains.
While ADA futures were being actively traded, the cryptocurrency market was experiencing significant turbulence. In the past 24 hours, positions worth nearly a quarter of a billion dollars were liquidated. CoinGlass data shows that the bulls were primarily affected by market movements during this period, with 66% of liquidations occurring on long positions.
Bitcoin and Ethereum led the way in liquidating the deposits of particularly greedy traders. Cardano, to a lesser extent, was also an instrument with a high volume of liquidations. However, of the $400,000 in liquidated positions, $350,000, or 87.5%, were held by bulls.
The rise in ADA derivatives trading volume amidst the general market chaos underscores its role in speculative trading strategies. Despite the overall challenges faced by the crypto market, Cardano futures' market activity increased, highlighting the continued interest in ADA during periods of uncertainty.