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- Cardano’s open interest in futures has surged by $250 million in under a week, bringing it close to its previous peak of $1.87 billion.
- A recent audit has cleared Cardano founder of all allegations tied to the ADA voucher program, with no evidence of theft or manipulation.
Cardano (ADA) is currently trading at $0.8833, after gaining nearly 8% over the past week and an impressive 163% in the last year, but it’s still struggling to break above the $0.90 mark. At press time, ADA remains about 71% below its all-time high of $3.10.
Data from Coinglass shows open interest climbed 4.27% to $1.79 billion, inching closer to its record $1.87 billion. A signal that there’s stronger risk-on sentiment among traders. However, the derivatives markets are mixed: futures volume ticked up 0.68% to $2.58 billion, while options activity cooled off, with volume plunging 93% to $6.59K. mADA’s spot trading volume sits at $1.27 billion, giving it a market cap of $31 billion.
On the DeFi side, Cardano’s Total Value Locked (TVL) rose 2.75% in 24 hours to $388.7 million, and stablecoins in its ecosystem currently account for $48.3 million in market cap. On-chain data reveals a more nuanced picture among investors.
Santiment reports that large wallet holders with 10 million+ ADA have added 16 million tokens, bringing their total to 18.79 billion ADA. However, mid-sized investors holding between 10,000 and 10 million ADA trimmed their bags to 15.53 billion, down from 15.64 billion.
Analyst Ali Martinez highlighted that whales sold over 140 million ADA in the past two weeks, likely booking profits, but also noted that ADA needs to hold above $0.84 to confirm a bullish breakout toward $0.92.
A drop below $0.87 could see ADA slide to $0.855, while a break past $0.89 resistance could open the door to the psychological $1 level. For now, ADA’s RSI sits at 60, suggesting it’s in bullish territory but not yet overheated.
Cardano’s Credibility
Recently, Crypto News Flash reported on Cardano’s early fundraising, which involved a voucher program in Japan before the Cardano mainnet launched. Investors bought vouchers, which were later redeemable for ADA once the network was up and running.
Over time, controversies emerged. Critics alleged that hundreds of millions of ADA from unredeemed vouchers were misused. Some accused Charles Hoskinson or insiders of manipulating software upgrades like the 2021 Allegra fork.
To settle these issues, Input Output Global (IOG) commissioned external, independent investigators: law firm McDermott Will & Schulte and auditing/accounting firm BDO.
As of August, about 99.2% of vouchers had been redeemed, covering roughly 99.7% of the ADA sold via the voucher program. What was left unclaimed was very small in comparison. The audit found no proof that insiders diverted ADA, stole tokens, deleted private keys, or manipulated the system to block voucher redemption.
Allegations that upgrades blocked or deleted user access were unfounded. The small portion of ADA that remained unclaimed was utilized or transferred legally through structures such as Cardano Development Holdings (CDH), with the aim of supporting ecosystem growth and community projects rather than personal enrichment.
Still, the project’s credibility continues to be tested on other fronts. Grayscale’s proposed Cardano ETF, which could serve as a major catalyst for institutional adoption, remains stuck in regulatory limbo. The U.S. Securities and Exchange Commission (SEC) recently extended its decision deadline from August 27 to October 26, leaving the community waiting for clarity.
