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Cardano’s derivatives crowd is leaning heavily on the bullish side again, with Binance’s top-tier traders now 69% long on the ADA token and the long-short account ratio holding near 2.23 — one of the highest readings since early December.
The accumulation happens as Charles Hoskinson’s Midnight (NIGHT) became a billion-dollar asset in its own right this week, touching a $1.25 billion capitalization before finding some resistance.
The dual momentum between ADA and NIGHT paints an unusual picture: ADA itself continues to drift near $0.36, down almost 60% from October highs, yet top traders appear to be positioning for an eventual reversal rather than further weakness.
It is worth noting that the positional ratio of 1.33 suggests most long accounts are not overleveraged, a dynamic that typically signals accumulation phases rather than speculative bursts.
"New ADA" takes over
Midnight’s own chart tells a similar story as the "new ADA token exploded 39% in a week, peaking above $0.12 before settling back near $0.076, with over $1.6 billion in 24-hour turnover and a 127% volume-to-market-cap ratio indicating crazy rotation.
Despite the pullback, its circulating supply of 16.6 billion NIGHT already supports valuations that eclipse many established layer-1 tokens launched in 2024.
If Binance’s elite traders are right, the current risk-reward zone for ADA could mirror early cycle setups, where professional accounts accumulate through low-volatility phases while retail sentiment drifts elsewhere — and if Midnight maintains traction, that link between old and new ADAs might prove more valuable than the price chart displays.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team