The cryptocurrency exchange Bitrue stated on March 3 that going long on Cardano (ADA) futures has become the fastest-growing trade on Bitrue after U.S. President Donald Trump announced plans to include the altcoin in the United States' strategic cryptocurrency reserves.
According to Bitrue's data, as of March 3, traders on Bitrue held nominal positions in ADA futures worth over $26 million, up from an average of about $15 million per day in late February.
Bitrue noted that nearly 92% of these open positions are long positions, indicating that traders are betting on a price increase for ADA.
The exchange stated in an email, "Due to a significant increase in market interest, the ADA/USDT trading pair has become the fastest-growing trading pair in futures trading."
Bitrue is an exchange for trading spot digital assets and cryptocurrency futures. Futures are standardized contracts that represent an agreement to buy or sell an asset at a future date.
Nominal value of Cardano futures. Source: Bitrue
Related: President Trump states that cryptocurrency reserves will include Bitcoin, Ethereum, Solana, Ripple, and Cardano
In a post published on the Truth Social platform on March 2, Trump stated that he had instructed his government's digital asset working group to include Ripple (XRP), Solana (SOL), and Cardano (ADA) in the U.S. government's cryptocurrency reserves.
He later added Bitcoin (BTC) and Ethereum (ETH) to the list, stating that they would become "the core of the reserves." Since mid-2024, Trump has been promoting the U.S. strategic cryptocurrency reserve plan but had never previously committed to including Cardano in the reserves.
This announcement led to a brief surge in the prices of each cryptocurrency mentioned in Trump's post, with the most significant impact on Cardano, which saw an increase of over 40% within the first 24 hours after Trump announced the news.
Long-short ratio of Cardano futures. Source: Bitrue
Cardano was created in 2015 by Ethereum co-founder Charles Hoskinson and was initially seen as a strong competitor to Ethereum.
However, performance issues and delays in development have led to poor performance for the blockchain, and the price of its native token, Cardano, has also been sluggish.
According to data from cryptocurrency data platform CoinGecko, the fully diluted valuation of this cryptocurrency is less than $40 billion, while Ethereum's fully diluted valuation exceeds $260 billion.
According to data from decentralized finance data platform DefiLlama, the total value locked (TVL) in the Cardano chain is about $440 million, while the total value locked in the Ethereum network exceeds $50 billion.
Related: The U.S. Securities and Exchange Commission confirms receipt of Grayscale's spot Cardano ETF application
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