Significant Surge in Futures Trading Volume: ADA Futures Reach Over Half a Billion Dollars, Says CoinGlass
There has been a significant 29% increase in futures trading volume, surpassing half a billion dollars, according to CoinGlass. This surge indicates a strong shift towards perpetual futures trading for ADA, which has outpaced the spot market. CoinMarketCap reports that the spot trading volume for Cardano on exchanges reached $466 million, bringing the total trading volume to nearly one billion dollars.
The trend towards futures trading highlights the more speculative nature of this activity compared to long-term investment. The modest change in spot market activity supports this trend, suggesting that traders were more focused on futures trading to achieve potential short-term gains.
While traders actively engaged in ADA futures, the cryptocurrency market experienced significant turbulence. In the past 24 hours, positions worth nearly a quarter of a billion dollars were liquidated. CoinGlass data reveals that bullish speculators were predominantly “undermined” by market movements during this period, with 66% of liquidations occurring on long positions.
ADA has become a notable instrument with a high volume of liquidations, though to a lesser extent. According to the data, out of $400,000 in liquidated positions, $350,000, or 87.5%, affected bullish speculators.
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Bitcoin and Ethereum continue to lead in wiping out deposits of particularly greedy traders. Amid the overall market turmoil, the increased activity in Cardano futures trading highlights its role in speculative trading strategies. Despite the challenges faced by the cryptocurrency market, the surge in Cardano futures activity underscores the continued interest in ADA during uncertain times.
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