- Cardano futures activity jumps sharply as traders position for potential ETF approval
- Nearly two billion ADA floods derivatives markets despite weak spot price
- Grayscale ETF speculation fuels aggressive futures bets across major exchanges
Cardano futures markets recorded a sharp increase in activity over the last 24 hours as speculative interest intensified, with traders expanding positions amid growing discussion around a possible Grayscale spot Cardano ETF. Data from CoinGlass shows that open interest in Cardano futures climbed by 1.29% during the period, pushing total commitments to 1.99 billion ADA across major derivatives platforms.
In valuation terms, the combined exposure reached $816.97 million, reflecting a higher risk appetite among futures traders despite Cardano showing limited strength in the spot market. Market attention centered on reports tied to Grayscale’s pending application for a spot ADA exchange traded fund, as the speculation triggered renewed positioning driven by expectations of a regulatory breakthrough.
Cardano focused platform Cardanians clarified that the ETF application remains under regulatory review, stressing that the U.S. Securities and Exchange Commission has not issued a final decision. Even without confirmation, sentiment shifted quickly in derivatives markets, leading futures traders to increase exposure in anticipation of a potential ETF driven rally.
Exchange positioning highlights aggressive futures accumulation
Exchange-level data shows that optimism remained uneven across platforms, with Gate emerging as the most active exchange for ADA futures exposure. CoinGlass data indicates that Gate users committed 502.05M ADA valued at $205.74M, representing 25.18% of total open interest across tracked exchanges. Binance followed with 16.33% of open interest worth $133.43M, while Bybit held 12.8% valued at $105.26M and LBank accounted for 8.91% totaling $72.82M.
Beyond ETF speculation, traders also reacted to Cardano’s recent underperformance, viewing the price weakness as an opportunity to increase leveraged exposure. Meanwhile, spot price action failed to reflect the surge in futures interest, as ADA briefly reached $0.4357 before encountering resistance near $0.45. After the rejection, Cardano traded at $0.4127, marking a 1.56% decline over 24 hours, while trading volume fell by 7.5% to $846.79M.
Technical indicators continue to deliver mixed signals, with market reports pointing to a developing golden cross that often supports bullish expectations. However, weak momentum combined with declining volume limited follow-through buying, while short-term profit-taking further pressured price action. Some analysts pointed to structural similarities between Cardano and XRP on weekly Bollinger Bands, suggesting the potential for a delayed breakout if conditions align.
Despite this outlook, price action remains cautious as traders await regulatory clarity, underscoring how ETF speculation alone can drive aggressive futures positioning.
