Bottom line: ADA open interest jumped 24.66% in a day, but $2.69 million in shorts were liquidated over the past 24 hours. Those betting on a drop were the first to get burned.
ADA is currently around 0.2717, up 11.17% on Binance and 10.99% on OKX over the past 24 hours, with both exchanges reaching a high of 0.2756. As the price climbs, futures open interest is also building, indicating that more traders are chasing the rally.
Open interest across all exchanges is about $612 million. Binance accounts for 21.09%, with open interest up 37.21% in a single day; OKX open interest rose 36.95%, but fell 1.02% over the past 4 hours. The two exchanges are already moving in different directions.
ADA liquidations over the past 24 hours totaled about $3 million, with shorts accounting for 89.6%; shorts still made up 83.1% of liquidations over the past 4 hours. The price rise and liquidation direction are aligned, but short sellers haven't fully capitulated yet.
$ADA $BTC
Open interest continues to rise. Can ADA squeeze the shorts again?
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